Climate Risk Research Report

Climate risk: are financial services firms ready?

Independent research* commissioned by Acin in September 2021 assessed the preparedness for climate change risk of 63 financial institutions (43 banks and 20 large asset managers).

Highlights include

  • The majority (83%) of firms highlight climate risk as a major topic in their most recent Annual Report, and two-thirds of firms have now published a net zero target between 2025-50. 
  • 92% of firms are aligned with or plan to align with the Task Force for Climate-related Financial Disclosures (TCFD) recommendations on financial disclosure.
  • Many are already making good progress: almost 90% publish detailed annual reports on the impact of their own operations on climate change (e.g., premises and air travel), but only 14% publish extensive (three years) current and historic data on client emissions within their reports.
  • The vast majority of firms are lagging behind on execution. Only 37% of organizations have a mature approach to climate risk management, and only 19% publish detailed data on climate risk.

Get more details and data about the extent to which firms have addressed climate risk management, and the progress they are making towards building a comprehensive climate risk framework.

* The independent research was collected through the analysis of the latest annual and, where available, sustainability and climate reports of 63 of the world’s leading banks and asset managers across Europe, North America and Asia Pacific, published as of July 2021. The research sought to investigate the preparedness of these financial institutions to meet upcoming challenges in managing climate change-related risks.

Read the full report