Morgan Stanley Blahblah Responsible Investment Blah Green Financial Mechanisms Blah Climate Blahblah
Major banks play a major role in financing environmental damage. International banks including JPMorgan Chase, Wells Fargo, the Royal Bank of Canada, and BNP Paribas are among the top providers of financing to the fossil fuel industry, according to the Rainforest Action Network, which issues an annual report on financing for oil, gas, and coal projects.
Thanks in part to that annual report — and to mounting pressure from a coalition of climate activist groups — some large financial firms are reckoning with how their dealings are contributing to climate change. Some have taken steps like divesting from some types of fossil fuel projects and creating climate justice funds for sustainability-minded investors.
Now, Morgan Stanley has pushed the bar a bit higher by joining the Partnership for Carbon Accounting Financials (PCAF), an international collaboration founded in 2019 that aims to “standardize carbon accounting for the financial sector” by tracking how banks’ and investment firms’ assets are contributing to climate change.
Morgan Stanley is the first U.S.-based global bank to join the more than 60 PCAF members. Together, all PCAF members manage more than $6 trillion in assets. The group already includes international firms based in Europe, Africa, and Latin America, as well as smaller banks in the U.S. and around the world.
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https://grist.org/climate/morgan-stanley-is-starting-to-come-clean-about-climate-change/