Banks Want Climate Goals For Lending Money To Commodity Traders

Environmental, Social, and Governance (ESG) criteria have become top of the agenda for bank loans to commodity traders, as lenders increasingly demand to see climate goals when they consider extending credits to oil trading houses, the heads of finance at some of the world’s largest traders said on Wednesday.

Muriel Schwab, group chief financial officer at trader Gunvor, told the FT Commodities Global Summit that banks are creating ESG and sustainability teams and those are shaping up to be a new form of compliance of the future. “We…