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Finance sector’s funded emissions over 700 times greater than its own
. CDP provides first ever analysis of financed emissions based on self-reported data from global asset managers, asset owners, insurers and banks; Portfolio emissions of global financial institutions on average over 700x larger than direct emissions[1]; Yet under half of disclosing financial institutions report actions to align portfolios with a well below 2 °C world; Financial institutions are underestimating the most significant climate-related risks with a potential financial impact of over US$1 trillion; ABN AMRO, Allianz SE and Legal and General named as taking best practice environmental actions. The GHG emissions associated with financial institutions‘ investing, lending and underwriting activities are on average over 700 times higher than their…