金融行业气候披露报告、（英文）-

》OECD

OECDBusinessandFinancePolicyPapers

Mappingclimate-relatedmetricsinthefinancialsector

No.96

Mappingclimate-relatedmetricsinthe

financialsector

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Mappingclimate-relatedmetricsinthefinancialsector

Financialinstitutionsfaceconsiderablechallengesinmeasuringand

disclosinggreenhousegas(GHG)emissions,particularlyforfinanced

emissions.Datagaps,evolvingmethodologiesandvaryinglevelsof

granularitycanhinderthecomparabilityoftheinformationdisclosed.Thispaperidentifiesthemaindatagapshinderingtheassessmentoffinancialinstitutions’progresstowardtheirGHGemissionreductiontargetsandnet-zerocommitments.Drawingonseveralthird-partydatasources,italso

presentsananalysisoftheambition,scopeandfeasibilityofclimate

commitmentsdisclosed.Thepaperalsoproposesaframeworktomonitorthetransparency,comparability,andcredibilityofnet-zerocommitmentsinthefinancialsector.

Thispaperispartoftheseries“OECDBusinessandFinancePolicyPapers”,

/10.1787/bf84ff64-en

.

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©OECD2026.

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Foreword

Robust,comparable,anddecision-usefulclimate-relatedmetricsareessentialforfinancialinstitutionstoeffectivelymanageriskstowhichtheyareexposed.Scope3emissions,whichincludeemissionsbythedebtorsandportfoliocompaniesofafinancialinstitution,areespeciallyrelevantforthefinancialsectoraccountingforthelargestshareofitsGHGemissions.Yetassessingclimate-relatedexposuresrequiresmorethanGHGemissionsdataaloneandtheymustbecomplementedbyinformationonportfoliocomposition,includinginvestmentsinhigh-andlow-carbonactivities,aswellasonthecompany’sengagementpractices,governanceframeworks,andtransitionstrategies.

FinancialinstitutionscontinuetofaceconsiderablechallengesinmeasuringanddisclosingGHGemissions,particularlyforfinancedemissions.Datagaps,evolvingmethodologies,andvaryinglevelsofgranularitycanhinderthecomparabilityofdisclosedinformation.Thesechallengesareespeciallypronouncedforsmallerinstitutionsandinemerginganddevelopingeconomies,wheredataavailabilityismorelimited.Inaddition,keyassetclassessuchasprivateequity,sovereignbonds,andloansoftenfalloutsidethescopeofthemostcommonlyusedmethodologies,leadingtoblindspotsinassessingclimate-relatedrisksandexposures.

AkeypillarofcredibleclimateriskmanagementistheadoptionanddisclosureofclearGHGemissionsreductiontargets.Robustnet-zerocommitments,accompaniedbytransparentreportingonprogress,enhanceaccountability,supporteffectiveriskmanagement,andbuildtrustamongstakeholders.Targetsofferstrategicdirectioninternally,whileenablingexternalstakeholderstoevaluatewhetherinstitutionsareontracktowardtheirclimatecommitments.Totrackprogresstowardemissiontargets,financialinstitutionstypicallyrelyonbothabsoluteandintensity-basedmetrics.

Thispaperidentifiesthemaindatagapshinderingtheassessmentoffinancialinstitutions’progresstowardtheirGHGemissionreductiontargetsandnet-zerocommitments.Drawingonseveralthird-partydatasources,itpresentsananalysisoftheambition,scope,andfeasibilityofdisclosedclimatecommitments.Bymappingthesechallenges,thispaperproposesaframeworktomonitorthetransparency,comparability,andcredibilityofnet-zerocommitmentsinthefinancialsector.

ThispaperhasbeendevelopedbytheCapitalMarketsandFinancialInstitutionsDivisionoftheOECDDirectorateforFinancialandEnterpriseAffairs.ItwaspreparedbyValentinaCociancichandXueHan,withthesupportofJohnO’SheaandMatthisCadeau,underthesupervisionofCaiodeOliveira,HeadoftheSustainableFinanceandCorporateGovernanceTeam,andSerdarÇelik,HeadofDivision.InputwasprovidedbydelegatestotheOECDWorkingPartyonSustainableFinance.

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Tableofcontents

Foreword4

Abbreviationsandacronyms7

Executivesummary8

1Introduction10

2Marketpractices11

2.1.Acomprehensivesetofinformationpointsandmetricsforthefinancialsector11

2.2.DisclosureofGHGemissionmetrics13

2.3.DisclosureofGHGemissionreductiontargetsandnet-zerocommitments23

2.4.Corporategovernanceandriskassessmentdisclosure29

3Assessingfinancialinstitutions,net-zerocommitments32

3.1.Assessingexistingtargetsandnet-zerocommitments32

3.2.Countrycases:Financialauthorities’roleinmonitoringGHGemissiontargets36

3.3.Revenues,portfolioandunderwritingactivities41

4Keychallenges,policiesandpracticesforbettermonitoringnet-zerocommitments45

4.1.Keychallengesandpotentialpolicies45

4.2.Aproposedframeworkformonitoringnet-zerocommitments48

References50

AnnexA.Methodologyfordatacollectionandclassification53

FIGURES

Figure2.1.ReportedGHGemissionsanddatacoverageoflistedfinancialinstitutions,2016-2413

Figure2.2.Disclosureofreportedandestimatedscope1and2GHGemissions,202414

Figure2.3.Disclosureoftotalscope3reportedandestimatedGHGemissions,202415

Figure2.4Changesinreportedscope3emissionsofagroupoflistedfinancialinstitutions16

Figure2.5Reportedandestimatedscope3,category15GHGemissions,202417

Figure2.6MethodologiesusedforGHGemissionreporting,202420

Figure2.7ReportedandestimatedGHGemissionsforallscopesofagroupoflistedfinancialinstitutions,

202421

Figure2.8.ReportedandestimatedGHGemissionintensityperassets,202422

Figure2.9GHGemissionswithexternalassurance,202423

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Figure2.10DisclosureofGHGemissionreductiontargets,202423

Figure2.11.Financialinstitutionssettingscope3GHGemissionsreductiontargets,202424

Figure2.12.Financialinstitutionswithemissiontargetsdisclosingbaselineandtargetyears,202425

Figure2.13.Listedfinancialinstitutionsdisclosingbaselineemissions,202425

Figure2.14.Disclosureofscience-basedandnet-zeroGHGemissionreductiontargets,202426

Figure2.15.CommitmenttotheSBTitargetsbylistedfinancialinstitutions,202427

Figure2.16.Transitionplanningbyfinancialinstitutions,202429

Figure2.17.Climate-relatedrisksidentifiedasmaterialbyfinancialinstitutions,202429

Figure2.18.Self-reportedboard-leveloversightofclimate-relatedissues,202430

Figure2.19Existenceofaboardcommitteeresponsibleforsustainability,202430

Figure2.20Executiveandboardcompensationlinkedtosustainabilitymatters,202431

Figure3.1TheaverageannualGHGemissionreductionrateofscope3GHGemissions,202432

Figure3.2TargetyearoftheexistingGHGemissionreductiontargets,202433

Figure3.3Reportedscope3GHGemissionscoveredbyfinancialinstitutions’targetsonscope3GHG

emissions,202434

Figure3.4Progressoflistedfinancialinstitutionsinreachingthescope3reductiontarget,202435

Figure3.5ProjectedpathwayofGHGemissionsoflistedfinancialinstitutions,2023-5036

Figure3.6.Portfoliocontributiontogreenandclimatesolutions:greenrevenues,202442

Figure3.7.Globalsustainablebondissuanceandoutstandingamount42

Figure3.8Sustainablesyndicatedloansandsustainable-linkedsyndicatedloans:issuances2015-202443

Figure3.9Sustainableloansandsustainable-linkedloans:issuancesin2024,industrydistribution44

TABLES

Table2.1Mostcommontopicsandmetriccategoriesforfinancialinstitutions11

Table2.2Scope3GHGemissionsinexistingreportinginitiatives18

Table4.1.Keychallengesandpotentialpolicies45

Table4.2Aproposedframeworkformonitoringprogressagainstnet-zerocommitmentsbyfinancial

institutions48

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Abbreviationsandacronyms

A-P

Asia-Pacific

IIGCC

InstitutionalInvestorsGrouponClimateChange

AUM

assetsundermanagement

IPCC

IntergovernmentalPanelonClimateChange

BIS

BankforInternationalSettlements

ISAE

InternationalStandardonAssuranceEngagements

CCM

carboncreditmechanism

ISIN

InternationalSecuritiesIdentificationNumber

CDP

CarbonDisclosureProject

ISO

InternationalOrganizationforStandardization

CEO

ChiefExecutiveOfficer

ISSB

InternationalSustainabilityStandardsBoard

CO2e

carbondioxideequivalent

JP

Japan

CN

China(People’sRepublicof)

KPI

keyperformanceindicators

CPI

ConsumerPriceIndex

KRI

keyriskindicators

CPRS

climatepolicyrelevantsectors

LSI

lesssignificantinstitution

CSRD

CorporateSustainabilityReportingDirective

MTF

MultilateralTradingFacility

CTB

ClimateTransitionBenchmark

NACE

NomenclaturestatistiquedesactiviteséconomiquesdanslaCommunautéeuropéenne

EBA

EuropeanBankingAuthority

NDC

NationallyDeterminedContribution

ECB

EuropeanCentralBank

NGFS

NetworkforGreeningtheFinancialSystem

EFRAG

EuropeanFinancialReportingAdvisoryGroup

NZIF

NetZeroInvestmentFramework

EIOPA

EuropeanInsuranceandOccupationalPensionsAuthority

OECD

OrganisationForEconomicCo-OperationandDevelopment

ESAP

EuropeanSingleAccessPoint

OTC

overthecounter

ESG

environmental,socialandgovernance

ISO

InternationalOrganizationforStandardization

ESMA

EuropeanSecuritiesandMarketsAuthority

PAB

Regulation

ParisAlignedBenchmarkRegulation

ESRB

EuropeanSystemicRiskBoard

PACTA

ParisAgreementCapitalTransitionAssessment

ESRS

EuropeanSustainabilityReportingStandards

PCAF

PartnershipforCarbonAccountingFinancials

ESRSE1

EuropeanSustainabilityReportingStandardsE1ClimateChange

REIT

RealEstateInvestmentTrust

EU

EuropeanUnion

RIC

RefinitivIdentificationCode

FCA

FinancialConductAuthority

SBTi

ScienceBasedTargetsinitiative

FSB

FinancialStabilityBoard

SBTi-FI

SBTiGuidancefortheFinancialSector

GFANZ

GlasgowFinancialAllianceforNetZero

SDS

sustainabledevelopmentscenario

GHG

greenhousegas

SI

significantinstitution

GHG

Protocol

GreenhouseGasProtocol

SLB

sustainability-linkedbond

GRI

GlobalReportingInitiative

SSM

SingleSupervisoryMechanism

G-SIBs

GlobalSystemicallyImportantBanks

TCFD

TaskForceonClimate-RelatedFinancialDisclosures

GSS

green,socialandsustainability

TPT

TransitionPlanTaskforce

IAASA

IrishAuditingandAccountingSupervisoryAuthority

TRBC

theRefinitivbusinessclassification

IASB

InternationalAccountingStandardsBoard

UK

UnitedKingdom

IEA

InternalEnergyAgency

UNFCCC

UnitedNationsFrameworkConventiononClimateChange

IFRS

InternationalFinancialReportingStandards

WBCSD

WorldBusinessCouncilforSustainableDevelopment

IFRSS2

IFRSS2Climate-RelatedDisclosures

WRI

WorldResourcesInstitute

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Executivesummary

Thispaperidentifieskeychallengesinassessingthecurrentstateofclimate-relatedmetricdisclosuresbyfinancialinstitutionsandproposesaframeworkformonitoringtheirnet-zerocommitments.

Disclosureofemissionmetrics.ThelargestportionofGHGemissionsfromthefinancialsectorcomesfromindirectemissions,specificallyclassifiedasscope3emissions,notablytheso-called“financedemissions”resultingfromfinancialinstitutions’investments.However,disclosureratesremainlow.In2024,only19%oflistedfinancialinstitutionsgloballyreportedscope3GHGemissions.

UsingGHGemissionestimatesbyexternalserviceprovidersmayhelpfilldatagapsinreportedGHGemissions.Forexample,thedatacoverageforscope3GHGemissionsincreasesfrom19%whenusingreporteddata,to57%whenusingestimateddatafromtwoprominentdataproviders.Likewise,acomparisonbetweenreportedandestimatedGHGemissionsfor1166listedfinancialinstitutionssuggeststhatthesectormayunderreportitscurrentGHGemissionsbyuptoeighttimes,ifestimateddataisaccurate.

Globally,one-thirdoffinancialinstitutionsthatreportedGHGemissionshadathirdpartyassuringtheinformation.Insurancecompanieshadrelativelyhigherlevelsofthird-partyverification,includinginDevelopedAsia-Pacificexcl.US(54%),Europe(54%),andtheUnitedStates(34%).

DisclosureofGHGemissionreductiontargetsandnet-zerocommitments.Financialinstitutionsmayadoptacomprehensivestrategythatconsidersclimaterisksandopportunities,includingGHGemissionreductiontargets.Globally,908listedfinancialinstitutionshavesetGHGemissionreductiontargets,and78%ofthemhavesetnet-zerotargets.Nevertheless,despitetherelevanceoffinancedemissions,only27%oflistedfinancialinstitutionsdisclosingtargetshavesetscope3GHGemissionreductiontargets,and41%ofthemhavecommittedtoscience-basedtargets.Moreover,only8%offinancialinstitutionsgloballyhavedevelopedaclimate-relatedtransitionplan.

EvenamongthefinancialinstitutionsdisclosingGHGemissionreductiontargets,incompletedisclosurescanhinderinvestors’abilitytocompareinstitutions’progressandassesstheirmanagement’sperformancetowardnet-zerogoals.Datafromthreemajorcommercialdatabaseprovidersindicateasignificantgapindisclosuresamonglistedfinancialinstitutionswithreductiontargets,particularlyconcerningthebaselineyearandbaselineemissiondata.

Analysisoftheavailabledatafortargetsandnet-zerocommitments.Theambition,comprehensiveness,andfeasibilityofGHGemissionreductiontargetshelpassessthecredibilityandeffectivenessoffinancialinstitutions’climate-relatedgoals.

Onewaytoevaluatetheambitionofcorporatereductiontargetsisbyassessingannualreductionrates.Onaverage,listedfinancialinstitutionsaimfora4%annualreductionrateoftotalGHGemissionsglobally.

Comprehensivenessreflectstheextenttowhichacompany’stargetaddressesitstotalemissions.In2024,only55%oftotalreportedGHGemissionswerecoveredbythesetargets,withEuropeleadingincoverageat65%,followedbytheUnitedStates(61%)andEmergingandDevelopingAsiaexcl.China(51%).

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Regardingfeasibility,targetsmaybechallengingtoachievewhenambitionandcomprehensivenessarehigh.In2024,65%oflistedfinancialinstitutionsfailedtomeettheirtargets,whileonly35%successfullymetallorsomeofthetargets.

Corporategovernanceandmaterialityofclimate-relatedrisks.Globally,22%offinancialinstitutionsidentifiedclimate-relatedrisksasmaterial,accountingfor87%oftotalassetsin2024.Smallersharesarefoundinemergingmarketsanddevelopingeconomies.

Financialinstitutionsthatidentifyclimate-relatedrisksasmaterialarealsoproactiveinensuringboardoversightofthoserisks.Globally,85%oflistedfinancialinstitutionsbytotalassetsreportboardoversightofclimate-relatedrisks,withthePeople’sRepublicofChina(hereafter‘China’)andDevelopedAsia-Pacificexcl.UShavingthehighestsharesofcompanies.Globally,16%offinancialinstitutionshaveaboard-levelcommitteeresponsibleforbroadersustainability-relatedissues.Fifteenpercentofboardsconsideredsustainabilitymatterswhenestablishingkeyexecutives’compensationin2024.

Solutionsforimprovingthedatatomonitorprogressagainstnet-zerocommitments.Aclearsetofcredible,transparentandcomparablemetricsisneededtotrackprogressonGHGemissionreductiontargetsbyfinancialinstitutions.Severalpotentialsolutionsexistforenhancingthedataneededtomonitornet-zerocommitments.

Toenhancedataavailability:(i)focusonalimitedsetofessentialmetricstomonitornet-zerocommitmentsinthefinancialsector,includinghistoricalGHGemissions,GHGemissionreductiontargetrate(s),targetyear(s),baselineyear,andemissionscoveredbythetarget;(ii)adheretohigh-quality,understandable,enforceableandinternationallyrecognisedclimate-relateddisclosureframeworks;(iii)createdigitaltaxonomiesforclimate-relateddisclosureand/oradigitalplatformcentralisingfinancialinstitutions’publicclimate-relatedinformation.

Toincreasethequalityofclimate-relateddisclosure:(i)phaseinrequirementsforannualassuranceattestationsbyanindependent,competent,andqualifiedattestationserviceproviderforthemostrelevantclimate-relatedmetricsbyfinancialinstitutions;(ii)overseefinancialinstitutions'disclosureofGHGemissionsbasedonacomparisonbetweenreportedandestimatedemissions.

ToimprovethecredibilityandeffectivenessofGHGemissionreductiontargets:(i)encouragethedevelopmentofnet-zerotransitionplansbyallfinancialinstitutions;(ii)provideregulatoryincentivesforfinancialinstitutionstoprovidemoreclimatefinance.

Aproposedframeworkformonitoringnet-zerocommitments.Aframeworkformonitoringprogressagainstnet-zerocommitmentsbyfinancialinstitutionscouldbestructuredaroundfivehigh-levelsteps:(i)collectGHGemissionsandreductiontargets,ensuringaminimumlevelofinformation;(ii)evaluatereductiontargetsbyGHGemissionscopes,focusingonassessingtheirambition,comprehensiveness,andfeasibility;(iii)monitoradherencetovoluntaryinitiatives,emphasisingtangibleperformanceandoutcomesratherthanmereparticipation;(iv)assessthecorporategovernanceoffinancialinstitutions;(v)trackclimatefinance,includinggreenbonds,sustainableloansandinvestmentsingreentechnologies.

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1Introduction

Thedisclosureofgreenhousegas(GHG)emissionsbyfinancialinstitutions,aswellastheiradoptionofGHGemissionreductiontargetsandotherrelatedcommitments,areusefulinatleasttwoways.First,centralbanks,financialregulatorsandinvestorscanbetterunderstandthefinancialinstitutions’climate-relatedperformanceandwhetherthoseinstitutions’strategyandgovernancearecapableofadequatelymanagingexistingrisks.Second,itcanallowinvestorsandotherstakeholderstomakeinformeddecisionsbasedoncompany’sclimate-relatedgoalsandperformanceagainstthosegoals.

Previously,theOECDanalysedthemetricsandmethodologiesusedbyfivevoluntaryframeworkstosupportthemonitoringoffinancialinstitutions’net-zerocommitments(OECD,2023[1]).Theconclusionwasthatwhilevoluntaryframeworksprovideavaluableresourceontheinformationtobedisclosedbyfinancialinstitutions,morecouldbedonetooutlineaclearsetofspecificandcrediblemetrics.

Thispaperbuildsonthepreviousworkbyassessingcurrentdisclosurepracticesinthefinancialsector.Thesecondchapteridentifiesthemaindatagapsforastakeholderwillingtoassessfinancialinstitutions’progressagainsttheirGHGemissionreductiontargets,includingnet-zerocommitments,usingprominentthird-party(commercial)dataproviders.ThethirdchapterpresentsananalysisoftheavailabledataonexistingGHGemissionreductiontargetsandunderwritingactivities.Thefourthchapterproposeshowpolicymakersandfinancialauthoritiescouldusethefindingsinthispapertoreducedatagaps,improvedataqualityandassessnet-zerocommitmentsatasectorlevel.

Thepaperdefines“financialinstitutions”toincludecompaniesinthefollowingindustries:(i)retailandcommercialbanks(commercialbanks,consumerfinance,andmortgagefinance);(ii)insurancecompanies;(iii)investmentbanks(includingbrokerageservices);and(iv)assetmanagers(includingcustodyactivities).Analysisistypicallybyindustryor,whendataislimited,forallfinancialinstitutions.

Thepaperanalysesdisclosurepracticesconsideringboththeindividualnumberofcompaniesadoptingspecificpracticesandthesizesoftheinstitutionsdoingso.Themetricsusedasaproxyofthesizeofthefinancialinstitutionsandtheirpotentialimpactonfinancialmarketsarethetotalassetsofinstitutionsasinformedintheirfinancialstatementsandtheirassetsundermanagement(AUM).Notably,theirtotalownedassetsincludetheloansorotherformsofcredittheyextendtotheirclients.AUMaretheresourcestheirclientsownthatfinancialinstitutionsmayinvestinequity,bondsandotherassets.

Thedatasetdevelopedforthispaper’scoveragevariesdependingonthedatapoint.Forinstance,itincludesinformationon1167listedfinancialinstitutionswithtotalownedassetsofUSD171trillionandUSD120trillionofAUMattheendof2024,whethertheyreportedsomeoralloftheirGHGemissionsin2023or2024.Thissampleisfromawideruniverseof4922listedfinancialinstitutionsgloballywithtotalownedassetsofUSD194trillionandUSD139trillionofAUM.

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