US banks at risk of becoming regulators’ enforcement arm for climate matters

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Regulation may increasingly require banks to become something akin to the ‘ESG police,’ according to Wells Fargo analysts

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The biggest US banks are at risk of becoming regulators’ enforcement arm for climate matters and other social issues, Wells Fargo said.

“Regulation may increasingly require banks to become something akin to the ‘ESG police,’ and decide which companies get or don’t get loans/access to capital markets,” Mayo said Monday in a report. ESG is an acronym in investing that stands for environmental, social and governance issues. “This can help banks either get a ‘green premium’ or, more likely, avoid a ‘brown discount,’ be included in more ESG funds, and aid reputations after success during the pandemic,” Mayo said in the report.

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