Bank of England preparing to unveil new climate-change guidelines for financial sector GlobeBusiness
POOL/Reuters
The central bank under Carney has been vocal in highlighting climate change’s potential impact on the financial sector, such as the impact of more frequent floods on mortgages and insurance, or of new emissions rules on fossil-fuel investments. He also said the Bank of England’s regulatory arm would recommend that banks, insurers and asset managers regularly test their strategic resilience against climate change risks.
In September the central bank said that only a small fraction of banks in Britain were planning properly to mitigate risks to their businesses from climate change and that it would push lenders to take action.
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