IIGCC’s banks working group was formed in April 2021, following the publication of an ambitious set of investor expectations that was supported by investors and their stewardship representatives with a combined USD $11 trillion in assets/advice. The expectations were sent to 27 banks and members have since used them to support climate-related engagement with banks. IIGCC now supports investor engagement with a focus list of 20 banks in Europe, Canada and Asia.
Due to the importance of investor engagement with banks and increasing interest from members, the Banks Working Group was formalised into the Banks Engagement and Research Initiative (BERI) in May 2024.
BERI’s flagship resource is the IIGCC Net Zero Standard for Banks, developed on the foundations of the first 2021 Investor Expectations. It sets out investor expectations for banks on the transition to net zero across ten key areas. It is intended to support investors in their constructive engagement with banks to aid ongoing implementation of investors’ climate commitments. As it grows, BERI will increasingly dive into sector and area specific guidance for investors looking to engage banks on our core themes.
To complement the standard, we also supported development of the TPI Net Zero Banking Assessment Framework. The Framework is a set of measurable indicators, sub-indicators, and scoring guidance for assessing the alignment of banks against the goals of the Paris Agreement. It is used to assess 38 banks annually, aligns with the Standard and is led by the TPI Centre.
Investors joining BERI can lead engagements or participate in supporting them. Further guidance for lead and contributing investors are outlined in our terms of reference (reach out to Lucia, Jheel or Eda to learn more). Those participating in our research work contribute to supporting our growing body of material to support engagement and establishing forward-looking goals.
The Initiative is composed of two workstreams:
Members on the research and analysis working group produce material to support engagements with banks on the transition to net zero.
Within this workstream there are six thematic working groups:
To support engagements, IIGCC have developed a focus list of 20 banks for investor engagement on the Paris Agreement Goals.
These 20 banks represent some of the most systemically important banks across the world. Our investors have established engagements with all 20 of these banks, with appetite for broader thematic engagement on key sectors and areas.
If you are interested in getting involved in either workstream please complete the sign up form.
Members can find out more about current work within the corporate programme here
