• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 3 hours Joe Biden's Presidency
  • 2 hours An exciting development in EV Aviation: Volocopter
  • 18 mins The Debate Starts : Remake Republican Party vs. Third Party
  • 6 hours Did I Miss Something?
  • 1 day The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 days Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 2 days https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 2 days Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 4 hours JACK MA versus Xi Jinping
  • 2 days CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 23 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 1 day Minerals, Mining and Industrial Ecology
  • 2 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers

Morgan Stanley Becomes First U.S. Bank To Measure Carbon Footprint Of Its Loans

Morgan Stanley has become the first U.S. bank to start measuring the emissions generated by the businesses it lends to and invests in, the bank said in a press release.

The bank will do this as a member of the Partnership for Carbon Accounting Financials—an organization set up last year to pursue the standardization of so-called carbon accounting in the banking and financial services sector in a bid to reduce the greenhouse gas emissions of the businesses banks lend to and invest in.

The group so far has 66 members that manage a combined $5.3 trillion in assets. In addition to reporting the emissions footprint of its loans and investments, the lender will also partake in the drafting of a carbon accounting and reporting standard for financial institutions alongside ABN Amro, Amalgamated Bank, and ASN Bank.

Morgan Stanley will be measuring and reporting financed emissions, or what the Greenhouse Gas Protocol classifies as Corporate Value Chain, or Scope 3, emissions. As the Protocol puts it, “The Corporate Value Chain (Scope 3) Accounting and Reporting Standard allows companies to assess their entire value chain emissions impact and identify where to focus reduction activities.”

Last year, Morgan Stanley released a report that noted the financial benefits of decarbonisation for businesses, identifying up between $3 and $10 billion in earnings potential in the decarbonisation drive. The bank did also note, however, that the road to net zero emissions would cost the world $50 trillion in investment by 2050.

“We are excited to join PCAF and to support the important work they are leading to build a methodology for global banks’ efforts to track and measure climate change risks,” the Chief Sustainability Officer of Morgan Stanley, Audrey Choi, said.

Banks—especially U.S. banks—have drawn a lot of criticism recently because of their financial support for the fossil fuels industry, with various groups calling on them to stop funding oil and gas companies.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • William Willem on July 21 2020 said:
    What's the carbon footprint of measuring your carbon footprint?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News