Energy Efficiency, GHG Emissions  -  January 18, 2022

Banks Form RMA Climate Risk Consortium

The Risk Management Association (RMA), a member-driven professional association, announced that 19 major banks formed the RMA Climate Risk Consortium ("The Consortium"), which will develop standards for banks to integrate climate risk management throughout their operations, preparing the industry to help economies transition to a low-carbon future.

"For over a century, RMA has focused on bringing the industry together to overcome complex problems and difficult times," RMA President and CEO Nancy Foster said in a statement. "With the world facing the existential challenge of climate change, it's more important than ever that banks work together on this issue. With their crucial role in the health of economies and communities, banks will help drive the environmental transition to a greener economy, and the RMA Climate Risk Consortium is leading the charge on this defining issue of our time."   

The Consortium will advance practices for member banks and the industry by assessing current efforts and developing consistent taxonomy, frameworks, and standards for climate risk management. In addition, the group is engaging with regulators and other key policymakers to help inform ongoing policy considerations specific to a changing climate. 

The Consortium consists of 19 members, including the following:

• Bank of America
• Fifth Third Bank
• Huntington National Bank
• KeyBank
• M&T Bank Corp.
• MUFG Union Bank
• National Bank of Canada
• Regions Bank
• Royal Bank of Canada
• Silicon Valley Bank, and its parent, SVB Financial Group
• Truist
• U.S. Bank
• Wells Fargo