Climate change financial ‘stress tests’ will need to be improved with better data and modeling, a new paper by a global oversight body has recommended, but potential losses at individual banks or insurers should not be publicly disclosed. The report …
The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine capital requirements for now. The …
In a world facing a climate crisis, investors need to start taking account of carbon emissions and rising temperatures in their decisions, according to Bank of England Governor Mark Carney. The shift in thinking will be key to the industry’s …
Australia’s prudential regulator said on Monday it was looking to better understand the financial risks of climate change and would begin undertaking deeper assessments of the industry’s vulnerabilities to improve resilience. The Australian Prudential Regulation Authority (APRA) will develop industry …
France’s financial regulator will subject banks and insurers to climate change stress tests next year, central bank governor Francois Villeroy de Galhau said on Friday. Investors are increasingly putting pressure on companies to make concrete steps to helping implement the …
