Meeting the Climate Challenge

June 2021

Managing climate change means asking — and answering — tough questions about its impacts on us, our world and our clients.

From warmer, irregular weather patterns to shifting currents in the global capital markets, the effects of climate change are reverberating throughout society. As the vital center of the global capital markets ecosystem, we know it’s essential to address the impacts climate change has on our business — and help clients do the same.

Therefore, we’re taking a deep look at its far-reaching impacts on our business and how our business operations affect the sustainability of our planet. That involves asking critical questions such as, what opportunities does climate change pose for our company and our clients? Who in our organization, beyond those already identified, should be part of the execution and oversight? How can we deepen climate change considerations in our risk management framework and business resiliency plans?

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We have a responsibility to harness our global resources to help meet the shared challenge of climate change.

These questions are complex and will take time to fully answer, but our initial responses are in a new report, Considering Climate at BNY Mellon. This report follows a framework used by other banks and more than 1,500 organizations — the Task Force on Climate Related Financial Disclosures (TCFD) guidelines.^1,2

For an organization of our scope and complexity, identifying all relevant climate risks and opportunities is no small task. Our multi-year effort involves 100 people in ten workstreams across our regions, geographies, business lines and functions. This important work has visibility and accountability at the highest levels — our Executive Committee and the Board of Directors. We plan to issue subsequent reporting in 2022 with expanded information on our climate change strategic plan in development, as well as our approach to embedding climate risks and considering climate-related opportunities.

One of only five U.S.-based financial services companies on CDP’s 2020 Climate Change ‘A List’ and the only one to earn this ranking for eight consecutive years.

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