Banks can be 'agents of change' and environmental regulators can help them better manage risk in their dealings with clients, according to WA EPA chair Paul Vogel.
Assisted by senior regulators, a new association of bankers and investors plans to develop finance industry guidelines to ensure lenders properly scrutinise the environmental credentials of projects seeking funding.
Negotiators at the Rio+20 sustainability summit have a deal ready for leaders to sign, although few are enthusiastic about it, while initiatives launched on the conference sidelines are likely to have major ramifications for business.
Thirty seven financial institutions, including NAB, have launched a declaration at the UN's Rio+20 summit calling on businesses to assess and report on their impact on the environment and have urged governments to use mandatory measures and incentives to ensure they do it.
