Banks in Norway Offered Free Climate-Risk Tool by Government
Financial institutions in Norway are being offered help from the government to measure the climate risk in investment portfolios-
Norway is working with the non-profit think tank, 2° Investing Initiative, which developed the tool being offered to the financial industry. Called PACTA, it’s designed to measure climate risks based on the Paris Agreement, according to a statement. Norway’s financial institutions will be able to access it for free, and the results will be anonymous.
2° Investing Initiative says its tool allows companies to align portfolios with different climate scenarios and to analyze specific companies. More than 1,500 financial institutions have used it since a version for banks was introduced in September, according to its website.