Banks working on global carbon accounting standards for the finance industry seek to exclude most emissions related to stock and bond underwriting from their own footprint, Reuters reported.
(Bloomberg) — Banks working on global carbon accounting standards for the finance industry seek to exclude most emissions related to stock and bond underwriting from their own footprint, Reuters reported.
A majority of members of an industry working group voted to exclude two-thirds of the emissions linked to their capital markets businesses, Reuters said, citing three people with knowledge of the matter. The accounting standard won’t be mandatory.
A spokesperson for the group, the Partnership for Carbon Accounting Financials, declined to comment when contacted by Reuters.
If upheld, the decision would pit banks against environmental advocates, many of whom say the banking industry should assume full responsibility for the emissions generated by activities financed through bonds and stock sales, as it already does with loans, Reuters said.
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