• 15 hours TikTok Takes Center Stage In US-China Tech War
  • 23 hours Are Semiconductor Stocks Overvalued?
  • 2 days Jobs Report Doesn’t Say Much Amid COVID Uncertainty
  • 2 days Crypto FOMO Heats Up As Bitcoin Climbs Above $11,000
  • 3 days Aluminum Is Bouncing Back In China
  • 3 days The Deep-Sea Mining Debate
  • 4 days Markets Trending Down Despite Tech Blow-Out
  • 4 days Big Oil Battered On Dismal Earnings
  • 5 days Russian Billionaire Bails On Mid-Sized Gold Miner
  • 5 days Gold Stocks Gear Up For A Big Autumn
  • 6 days America Is Looking To Bring Nuclear Power To Space
  • 6 days What Is Behind Gold's Astonishing Rally?
  • 7 days Stocks Tumble On Brutal Economic Report
  • 7 days Kodak Soars By 400% After Trump Bump
  • 8 days U.S. Coal Production Falls To 42 Year Lows
  • 8 days Indonesia Moves To Bolster Mining Sector
  • 9 days The U.S. Dollar Is Losing Ground As A Reserve Currency
  • 9 days Gold Prices Soar To Record Highs As Dollar Dips
  • 10 days Republicans Unveil Stimulus 2.0
  • 10 days Big Oil Is Back On The M&A Game
Cruise Companies Are Swimming In Debt

Cruise Companies Are Swimming In Debt

A cruise liner costs around…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. News
  3. Breaking News

Morgan Stanley To Measure Carbon Footprint Of Its Loans

Carbon Footprint

Morgan Stanley has become the first U.S. bank to start measuring the emissions generated by the businesses it lends to and invests in, the bank said in a press release.

The bank will do this as a member of the Partnership for Carbon Accounting Financials—an organization set up last year to pursue the standardization of so-called carbon accounting in the banking and financial services sector in a bid to reduce the greenhouse gas emissions of the businesses banks lend to and invest in.

The group so far has 66 members that manage a combined $5.3 trillion in assets. In addition to reporting the emissions footprint of its loans and investments, the lender will also partake in the drafting of a carbon accounting and reporting standard for financial institutions alongside ABN Amro, Amalgamated Bank, and ASN Bank.

Morgan Stanley will be measuring and reporting financed emissions, or what the Greenhouse Gas Protocol classifies as Corporate Value Chain, or Scope 3, emissions. As the Protocol puts it, “The Corporate Value Chain (Scope 3) Accounting and Reporting Standard allows companies to assess their entire value chain emissions impact and identify where to focus reduction activities.”

Last year, Morgan Stanley released a report that noted the financial benefits of decarbonisation for businesses, identifying up between $3 and $10 billion in earnings potential in the decarbonisation drive. The bank did also note, however, that the road to net zero emissions would cost the world $50 trillion in investment by 2050. Related: High-Stakes COVID Vaccine Game Targeted By Russian Hackers

“We are excited to join PCAF and to support the important work they are leading to build a methodology for global banks’ efforts to track and measure climate change risks,” the Chief Sustainability Officer of Morgan Stanley, Audrey Choi, said.

Banks—especially U.S. banks—have drawn a lot of criticism recently because of their financial support for the fossil fuels industry, with various groups calling on them to stop funding oil and gas companies.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment