New Ceres Report Analyzes Unaddressed Climate Risks in the Derivatives Market

Ceres, today released a new first-of-its-kind report,衍生品和银行气候风险：为零净经济融资, on the $600 trillion global derivatives market. The report examines the financial risks that derivatives activities pose for the 25 largest U.S. banks and offers concrete actions to address them.

Derivatives are financial instruments that “derive” their value from an underlying asset class such as interest rates, credit markets, equities and even energy commodities and are used by banks and borrowers to, among other things, de-risk financing packages.

在两年的时间里，Ceres已经看到了对气候金融的巨大兴趣，通过新的和现有的银行业务计划建立全球标准，许多国家的气候压力测试和审慎监督的出现以及净零净承诺和泛滥2030 sector targets from many of the world’s largest banks. That said, huge parts of banks’ businesses are still a black box in terms of climate risk – including under explored asset classes like derivatives.

CERES融资的第三份报告是关于银行业和气候风险的零净经济系列，该报告基于先前的两份银行报告中提出的先前分析：为零净经济融资：衡量和解决银行气候风险（2020）and为零净经济筹集资金：银行物理气候风险的后果（2021）。

“衍生工具可以直接有助于实际的温室气体排放，因此需要作为银行气候战略的一部分进行衡量和披露。”Ceres Ceres Company网络主任Blair Bateson。

“Given the size of the derivatives market and its systemic importance, it is the proverbial ‘elephant in the room’ when it comes not only to banks’ calculation of financed emissions and enlarging a bank’s sustainable finance opportunity set,” according toCELES可持续资本市场金融机构高级顾问Jim Scott，谷神星的加速器。

该报告的分析导致了五个关键发现，即银行，投资者和监管机构需要考虑：

1. Derivatives have the potential to dramatically change a bank's climate risk exposure, increasing it by up to 3x in certain cases.
2. 银行现在可以采取一些行动来通过正确定价其衍生产品组合中的气候风险来减轻气候暴露。
3. Derivatives could serve as an amplifier of climate risk at a systemic level, given that bank counter-parties across lending, derivatives, and other asset classes often significantly overlap.
4. The availability and cost of derivatives have real-economy climate effects and can either incentivize or discourage decarbonization in high-emitting sectors.
5. Derivatives are relevant to a bank's carbon accounting and climate target setting.

由于美国排名前五位的银行衍生产品提供商占美国衍生品市场的95％，因此这些银行不仅具有增加的风险，而且具有相当大的杠杆作用，可以在加速向零经济净过渡的情况下产生巨大影响。衍生工具的可用性和成本可以有效地鼓励或阻止高发射部门的脱碳。将衍生工具纳入银行的资金排放对于建立准确的零净目标和气候一致的过渡计划至关重要。

CERES为银行提供以下六个建议，以解决衍生品构成的气候风险：

• 开始评估衍生品如何影响您的整体气候风险和机会。
• Update internal models (such as Credit Valuation Adjustment reserve models) to include climate risk factors.
• 主动倡导智能财务法规和政策行动，以支持增强衍生品活动的气候风险管理。
• 继续与您的借款人互动，以帮助他们制定过渡计划，并开始在这些参与计划中包括衍生品活动。
• 将衍生交易作为筹集资金的其他来源进行解释，并将其包括在您披露企业范围的总资金排放中。
• 更新您的2030目标，并在必要时进行2050个承诺，以包括衍生工具。

11月4日，美国东部时间上午11:00，CERES将与报告作者和合作伙伴举办网络研讨会，以进一步深入研究报告的发现和建议。单击此处注册for the webinar.

关于Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. The Ceres Accelerator for Sustainable Capital Markets is a center of excellence within Ceres that aims to transform the practices and policies that govern capital markets to reduce the worst financial impacts of the climate crisis. It spurs action on climate change as a systemic financial risk—driving the large-scale behavior and systems change needed to achieve a net-zero emissions economy through key financial actors including investors, banks, and insurers. The Ceres Accelerator also works with corporate boards of directors on improving governance of climate change and other sustainability issues. For more information, visitCeres.organdceres.org/accelerator并跟随@CeresNews。

媒体联系人：Reginald Zimmerman