In 2016, the Paris Climate Accord was signed by 200 nations committed to reducing greenhouse gas emissions. But since then, nearly $5 trillion in new financing has supported the continued growth of the fossil fuel industry and global carbon emissions have increased by more than 5.5%.
Measuring and disclosing these “financed carbon emissions”—or Scope 3 emissions—by banks and financial institutions is critical for investors who seek to understand climate risk in their portfolios.
New York City Comptroller Brad Lander is responsible for the management of over $240 billion in pension funds and is leveraging this role to drive carbon disclosure, including Scope 3 emissions, from the companies in which pension funds are invested. On September 13, Comptroller Lander will join Urban Green Council CEO John Mandyck for a conversation about his net zero plan and how finance can be a lever for decarbonization.
Following their discussion, a panel will zoom in to address the city’s largest source of carbon, the built environment, which accounts for 70% of emissions. While new legislation requires owners of the largest buildings to decarbonize or face penalties, the banks and lenders that hold mortgages on those buildings have a unique opportunity to accelerate climate-friendly finance solutions, enhance their own portfolios, reduce their Scope 3 carbon emissions, and help NYC reach its decarbonization goals. Marianna Koval, from the NYU Stern Center for Sustainable Business, will demonstrate a new data tool that consolidates mortgage lender information and carbon emissions data to bring transparency to the mortgage market and show the Scope 3 emissions in the portfolios of major NYC mortgage lenders.
This event is co-hosted with NYU Stern Center for Sustainable Business
