Banks vote to limit accounting of emissions in bond, stock sales

LONDON: Banks working to develop global standards on accounting for carbon emissions in bond or stock sale underwriting have voted to exclude most of these emissions from their own carbon footprint, three people familiar with the matter say.

The majority of banks comprising an industry working group backed a plan earlier this month to exclude two-thirds of the emissions linked to their capital markets businesses from being attributed to them in carbon accounting, the sources said, following months of discord over the issue.