Standard Chartered in new climate change risk management partnership
Alliance with Imperial College Business School, will work to assess the effects of climate change to define a way forward for major financial institutions.
Emerging markets and Asia focused bank Standard Chartered has inked a four-year agreement with a leading UK-based university.
The alliance with Imperial College Business School, will work to assess the effects of climate change to define a way forward for major financial institutions and corporations on climate risk management.
Standard Chartered claims the risks arising from climate change are fast evolving into mainstream financial risks. But says translating climate science into estimations of potential losses, or gains, remains a challenge.
The new partnership aims to uncover solutions that will help embed climate risk identification and management into financial decisions, and to answer questions such as how local policy actions will affect business models, and how clients build resilience to increasing physical risks, such as flooding and sea level rise.
“Climate change is redefining the way we do business and manage risk. The better we can quantify the risks, the higher are our chances for developing effective responses as a society,” said Mark Smith, Chief Risk Officer, Standard Chartered.
The Centre for Climate Finance and Investment at Imperial College Business School undertakes cutting-edge research on how capital markets are responding to global climate change. The Centre is helping investors and policymakers overcome the lack of clarity about risk and return in clean energy, low-carbon technologies, and green infrastructure.
The UK business school will also provide education and training, at boardroom level and throughout Standard Chartered, via its digital learning, raising awareness of climate change and climate risk.
Standard Chartered is the first emerging markets focused bank to confirm it will only support clients who actively transition their business to generate less than 10% of earnings from thermal coal by 2030.
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