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Climate risk stress test to be run on several international banks, including Mexico and Brazil

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Climate risk stress test to be run on several international banks, including Mexico and Brazil

The Global Canopy Programme is including several Mexican andBrazilian banks in a global pilot program to test international banks' resilienceto climate risks.

The organization is enlisting Grupo Financiero Banorte SAB de CV, Grupo Financiero Banamex SA de CV, Caixa Econômica Federal, Itaú Unibanco Holding SA and Banco Santander (Brasil) S.A. to participate in the pilotthat will test lending portfolio exposure to climate threats, the GCP said in aMay 3 statement.

The program will be jointly run by the Natural Capital Declaration,a global finance-led initiative, and the Emerging Markets Dialogue on Green Finance,which is under the German government. The first step of the project will be thedevelopment of an analytical framework for bank stress testing models in case ofextreme droughts to determine the financial exposure to such events.

In addition to Brazil and Mexico, the program also involves majorbanks from China, the United States and India.