A top industry consultant reveals the 2 key reasons why he thinks US banks are beginning to raise their voices on climate change and sustainability issues. Presented by Refinitiv
PwC's US head Tim Ryan said at Davos that he expects American companies to increasingly take climate change as a serious threat over the next year.Ryan attributed this to the banks being excellent assessors of risk, as well as being in a position where they can comfortably invest in sustainability initiatives, relative to global competitors.
And leading the way are American banks, Ryan told Business Insider in Davos this week. "Why? Because the banks are really good at understanding risk. Notice I didn't say perfect. Nobody's perfect. But I think the banks understand risk, and they see the real risk of not getting this right." Ryan said he expects that to change in next year's survey because he's been seeing momentum in the US, with banks as a bellwether. Not only have Citigroup and Goldman Sachs significantly expanded their impact investing offerings, for example, but Bank of America CEO Brian Moynihan has been leading a major initiative to get major corporations to agree to sustainability metrics.
PwC has already signed on to the IBC's standards, which are supposed to go into effect next year, and Ryan said he is "massively excited" about it. The announcement comes just days after BlackRock CEO Larry Fink wroteRyan said that banks are assessing the risk of not making investments in environmentally sustainable businesses and energy from multiple perspectives.
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