Climate Northern Ireland Logo
 

Morgan Stanley C impact 21 July 2020

Morgan Stanley commits to tallying its climate impact (via Politico)

By Zack Colman

Morgan Stanley will become the first major U.S. bank to publicly disclose the how much its loans and investments contribute to climate change, the latest sign that Wall Street giants are beginning to reckon with their role in heating the planet.

The move comes as financial regulators in many countries are considering whether to require greater disclosure from companies about the risks they face from climate change — and as a growing number of shareholders and investors worry about their exposure to fossil fuels that could suffer from future government policies to rein in greenhouse gas emissions.

“This is a journey, and I think that this is an incredibly important piece of it, because as we all know it's harder to make people respond to something when there's no data, it's hard to have data when you don't have measurement,” Audrey Choi, chief sustainability officer for Morgan Stanley and CEO of its Institute for Sustainable Investing, told POLITICO. “This is an important step towards getting more clarity.”

The bank is joining the Partnership for Carbon Accounting Financials, a global body with 66 financial company members managing $5.3 trillion of assets, that will count the greenhouse gas emissions from projects and investments that are financed by asset managers, banks and other institutions. Morgan Stanley will sit on the group’s steering committee to help deliver a final methodology for financial institutions to follow this fall.

Read the full story here...