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Asean banks lacking in response to climate, environmental changes: WWF report

Published Aug 21, 2019
By The Nation

Asean is facing existential threats such as climate change and environmental degradation, which could potentially lead to financial instability and social unrest, according to the 2019 sustainable Banking Assessment (SUSBA) by the Worldwide Fund for Nature (WWF).

The study found that the 35 Asean banks assessed were not responding fast enough to these threats, based on the level integration of environmental, social and governance (ESGO) factors, as measured by a framework covering six aspects (purpose, policies, processes, people, products and portfolio).

The report said that humanity stands on the edge of a precipice, as evidenced by the 2018 Intergovernmental Panel on Climate Change (IPCC) report that concluded that states have 12 years left to limit global warming to 1.5 degrees Celsius and prevent a climate crisis.

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Created at 2019-08-25 21:50:02