The Lab co-signed a letter to the Basel Committee on Banking Supervision, which sets global rules for Banks, highlighting a serious flaw in those rules that risk under-reporting greenhouse gas emissions from the financial industry. At present, there is insufficient clarity and guidance on the reporting of financial flows with the major emissions from banks’ clients – called scope-3 emissions – a major hole in the rules. We join our partners in calling upon the BCBS to create an effective financial disclosures regime to account for the true impact of climate risks.
