SINGAPORE (Aug 21): For decades, the financial industry has been accused of not taking climate risks seriously. A new report by conservation organisation WWF suggests that Asean banks, in particular, are dragging their feet on the issue.
The WWF’s 2019 Sustainable Banking Assessment found that none of the 35 banks assessed in Southeast Asia fulfilled all the organisation’s environmental, social and governance (ESG) indicators.
Only four banks achieved about half of these 70 criteria. On the other hand, 51% of the banks met less than a quarter of these standards.