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Bank climate coalition seeks to overhaul rules, chair says

The Bank Climate Coalition, a group of 12 banks including major names like Citigroup and Wells Fargo, is pushing for a significant overhaul of the rules governing how banks manage climate-related financial risks. According to the coalition's chair, David Solomon of Goldman Sachs, the current regulatory framework does not adequately address the systemic risks posed by climate change. The coalition is advocating for new regulations that would require banks to integrate climate risk into their overall risk management strategies, enhance transparency in reporting climate-related financial exposures, and align with international standards like those set by the Task Force on Climate-related Financial Disclosures (TCFD). This initiative comes amidst growing pressure from investors, regulators, and the public for the financial sector to play a more active role in mitigating climate change impacts.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/companies/bank-climate-coalition-seeks-to-overhaul-rules-chair-says/ar-AA1AMAVx ]