U.S. banking sector far more exposed to climate risk than previously thought

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U.S. banking sector far more exposed to climate risk than previously thought

Seventy percent of all syndicated loans at risk because of climate change, study says. The balance sheets and loan portfolios of America’s largest banks are far more exposed to climate risk associated with the transition to a low carbon economy than previously assumed, according to a new report from the sustainability nonprofit Ceres. The report, titled Financing a Net-Zero Economy: Measuring and Addressing Climate, released by the Ceres’ Accelerator for Sustainable Capital Markets, investigated the huge syndicated loan portfolios of America’s largest banks and found that climate-related bank loan risk…

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