News
GCD and UNEP FI Collaborate to Enhance ESG and Climate Risk Efforts
Global Credit Data (GCD) and the United Nations Environment Programme Finance Initiative (UNEP FI) are pleased to announce their partnership. This partnership aims to advance the methodologies and benchmarks used by financial institutions to assess and manage climate risks. By combining UNEP FI's extensive expertise in climate risk with GCD’s well-established capabilities in setting data standards, pooling, sharing methodologies, and benchmarking, this collaboration will play a pivotal role in helping banks enhance their climate risk methodologies and seamlessly integrate these into their risk assessment frameworks.
Objectives of the project:
The collaboration will identify common credit risk assessment methodologies, provide a benchmark for modeling approaches for climate risk assessment used by financial institutions, and explore how the quantification of climate risks can be impacted by variations in assessment methodologies.
Value for Participants:
GCD and UNEP FI will publish a comprehensive report that benchmarks and compares the various credit risk modelling approaches used by financial institutions to assess climate risks.
This report will include overview of methodologies, information on data used, scenarios and models applied, variables and metrics selected, methodological comparisons, best practices, and the standardization of climate risk modeling practices across the financial sector. It will also provide insights into the progress financial institutions have made in their climate risk assessment approaches.
There will be an information session where GCD and UNEP FI will provide details on the project and discuss how banks can participate. Stay connected with GCD and UNEP FI for updates on this collaboration.
About Global Credit Data:
Global Credit Data (GCD) is a not-for-profit association owned by over 50 member banks worldwide. With 20 years of experience, GCD is a trusted data consortium in the financial industry, offering unique data pooling, benchmarking services, facilitating knowledge exchange and fostering research with a mission to help banks understand and model credit risks.
About UNEP Finance Initiative:
UNEP Finance Initiative brings together a large network of banks, insurers and investors that catalyses action across the financial system to deliver more sustainable global economies. For more than 30 years the initiative has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda. It has established the world’s foremost sustainability frameworks that help the finance industry address global environmental, social and governance (ESG) challenges. Convened by a Geneva, Switzerland-based secretariat, more than 500 banks and insurers with assets exceeding US$100 trillion are independently implementing UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance. Financial institutions work with UNEP FI on a voluntary basis and the initiative helps them to apply the industry frameworks and develop practical guidance and tools to position their businesses for the transition to a sustainable and inclusive economy.
For more information, please contact:
Hale Tatar, Global Credit Data
climaterisk@globalcreditdata.org
Maheen Arshad, UNEP Finance Initiative
unepfi-riskcentre@un.org
