With climate-related financial disclosures in place, banks now pay more than lip service to sustainability but do they really have a coherent money-making strategy?

Eric Lim, head of group finance at United Overseas Bank (UOB), has a way of explaining esoteric concepts such as expected credit loss, macroeconomic variable models, regulatory loss allowance reserves and management overlay in simple, easy to understand language. On May 11, Lim, who was recently appointed chief sustainability officer (CSO), had the opportunity to put that expertise to good use by articulating UOB’s sustainability strategy and goals as clearly as possible.

Climate change is important because we need to bequeath Earth to our children. But how do companies transition to lower emissions without a huge impact on lives and livelihoods? What are the global standards that measure whether projects are sustainable? And for investors, how will banks profit from climate change?

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