StanChart executive says time running out for adaptation finance

The British bank, together with KPMG and a branch of the United Nations, unveiled a set of formal guidelines around so-called adaptation finance. — Bloomberg

NEW YORK: Standard Chartered Plc says the finance industry urgently needs to update its toolbox and steer a lot more capital into protecting critical infrastructure, homes and whole cities from the fallout of global warming.

Investors need to “get that capital in place soon”, Marisa Drew, chief sustainability officer at StanChart, said in an interview.