Exclusive: Banks developing global standards on accounting for carbon emissions in bond and stock sales exclude most of these emissions from their own carbon footprint
People look out from Greenwich Park, with Canary Wharf in the distance, in London, Britain June 22, 2023. REUTERS/Hannah McKay/File PhotoEnvironmental advocates push for 100% attributionLONDON, July 30 - Banks working to develop global standards on accounting for carbon emissions in bond or stock sale underwriting have voted to exclude most of these emissions from their own carbon footprint, three people familiar with the matter said.
Almost half of the financing provided by the six biggest U.S. banks for top fossil fuel companies came from capital markets rather than direct lending between 2016 and 2022, according to environmental group Sierra Club. Banks with big capital markets operations in the working group argued that they should assume responsibility for only 33% of the emissions of activities financed through bonds and stock sales because they do not have control over the borrowers as they do with loans. The banks have also expressed concern about capital market-related emissions dwarfing their lending-related emissions, the sources said.
The majority of the banks in the working group backed the 33% threshold but at least two dissented, with one advocating for 100%, the sources said, requesting anonymity because the deliberations were confidential.
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