Finance Giants Adopt 'Climate Principles'

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OAKLAND, Calif. -- Five major global financial corporations have agreed to adopt a new framework that will guide the sector toward addressing and managing climate change across their products and services.

Credit Agricole, HSBC, Munich Re, Standard Chartered and Swiss Re  voluntarily agreed on Tuesday to adopt the best practices called "The Climate Principles." The code was developed in conjunction with the nonprofit Climate Group.

"A rising tide lifts all boats, which is why we have decided to launch a global framework that will unify the response of a sector that is vital to accelerating action on climate change," said Climate Group CEO Steve Howard in a statement. "The current global turmoil has reinforced the fact that global problems require global solutions."

The code is intended as a guide to help financial and insurance institutions manage climate change across a broad section of services and products, unlike the Carbon Principles, a framework adopted earlier this year by several U.S. banks which focuses on project financing, such as coal-fired power plant projects, according to Climate Group Spokesman Neal McGrath.

"The Climate Principles are global, cover the entire spectrum of financial services and so are much broader in scope," McGrath said via email.

The Principles address facets such as asset management, retail banking, insurance and re-insurance, project finance, investment and corporate banking. For example, the insurance sector will use the Climate Principles to advise clients on climate risks while financiers will ask clients to estimate and reduce emissions from their projects.

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