GLOBAL - European banks and financial institutions are leading the way on corporate governance and climate change, according to a study by the Ceres investor and environment coalition.
However, the median score of 42 demonstrated there was still room for improvement.
The report also showed climate change and carbon-trading products were likely to come to the forefront in the future. Some 57% of the banks' financial climate change reports were issued in 2007.
Almost three quarters of the banks questioned had some degree of involvement in the 'green' or renewable energy market, while a quarter had pledged to become carbon neutral.
Over half offered climate-related investment products and 17 of the 40 were involved to some extent in the European Union Carbon Emissions Trading Scheme.
The survey assessed five main governance areas including board oversight, management execution, public disclosure, emissions accounting and strategic planning with an overall rating given out of 100 points.
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