Low angle view of modern skyscrapers in Midtown Manhattan.
Recent events show that not just big banks can threaten the financial system, and that banks need to take stock of their risk exposure.
It is time for institutions to publish clear transition plans and accelerate climate-aligned transactions to from commitment to action.
Financial institutions can accelerate the early closure of coal power plants while funding clean energy projects for the affected communities.
Financial institutions will have to navigate political and economic headwinds but will also face harsher critique and punishment if they fail to ride the wave of the accelerating energy transition.
Pioneering banks demonstrate the feasibility of investments in steel decarbonization.