US banks lag Europeans on climate - by Alan Zibel
US banks lag Europeans on climate - by Alan Zibel
An analysis of 40 major banks worldwide released Thursday by Boston-based Ceres found 24 major commercial and investment banks in the U.S., Europe and Japan have set internal targets for reductions of emissions linked to global warming, but only 14 actively consider risks posed by climate change as part of their lending process. Ceres and environmental groups have been pressing the US Securities and Exchange Commission to require companies to disclose financial risks that may result from climate change.The most climate-friendly banks on Ceres' list were all European: HSBC Holdings PLC, ABN Ambro Holding NV, Barclays PLC, Deutsche Bank AG, HBOS PLC -- the holding company for Bank of Scotland -- and Deutsche Bank AG. Unlike the U.S., Europe has firm greenhouse-gas limits.U.S. giants Citigroup Inc. and Bank of America Corp. ranked sixth and seventh, respectively.
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