“The banking industry has not
successfully integrated climate change risk into its long-term strategic planning or understood the
implications of this game-changing phenomenon for its business operations,” last year's report
stated. As a result of its findings, Boston Common undertook the organization of an investor
initiative that has since grown to include 80 global institutional investors with $500 billion in
assets under management.
"Shareholders should urge banks to be more transparent about the
climate risks embedded in their business models, and call for comprehensive action," Lauren
Compere, Director of Shareholder Engagement at Boston Common, said at the time.