Today, Ceres and the Investor Network on Climate Risk released a new report on Corporate Governance and Climate Change: The Banking Sector, authored by RiskMetrics Group. The report examines how forty of the largest banks are preparing to face the challenges of minimizing climate risks, and utilizes a Climate Governance Index, developed by RiskMetrics Group in conjunction with Ceres and the Investor Network on Climate Risk. The index is comprised of fourteen indicators to evaluate five main corporate governance areas.

The full findings from the report will be revealed in a RiskMetrics Group webcast on Friday, January 11 at 11 a.m. EST. Part of RiskMetrics Group’s What You Need to Know for 2008 program, the webcast panelists Mindy Lubber, President of Ceres, and Doug Cogan, Head of Climate Change Research at RiskMetrics Group, will share why European banks lead in climate governance responses and how corporate governance and board directors are addressing the governance controls needed to minimize climate risks. Panelist Bruce Gillander, Division Director at the Florida Department of Financial Services Division of Treasury, will discuss how the Florida Division of Treasury is engaging with investment managers on climate change.

This report and webcast are the latest in a series of research projects by RiskMetrics Group that provide investors with actionable insights into how climate change will affect companies and financial markets. We've collected these efforts on a page in the RiskMetrics Group Knowledge Center dedicated to climate change.

To register for the webcast and download the paper, please visit here.