The Climate Group to launch guidelines

The Climate Group to launch guidelines

New Delhi: London-based The Climate Group has joined hands with international financial institutions to launch guidelines to deal with risks and opportunities presented by climate changes globally.

The Group advocates action against the adverse impacts of climate changes and also facilitates discussion on the issue among heads of states and policymakers.

The new code -- the Climate Principles -- is the first comprehensive industry framework for the sector’s response to climate change and has been adopted by financial institutions like Credit Agricole, HSBC, Munich Re, Standard Chartered and Swiss Re, The Climate Group said in a statement.

The Climate Group has also initiated dialogue with Indian financial institutions for the same.

“The current global turmoil has reinforced the fact that global problems require global solutions. Early recognition of the risks and opportunities of climate change is essential to this sector’s future success," The Climate Group CEO Steve Howard said.

The guidance is tailored to suit each part of the finance sector, it said. Retail banks will address the level of customer enthusiasm for tackling climate change and the barriers currently preventing them from taking action.

HSBC India Group General Manager and CEO Naina Lal Kidwai, “As a good corporate citizen and financial institution, we are committed to minimising our own carbon footprint and following responsible lending practices. We will also partner with our clients on their journey towards a cleaner, greener environment."