Regulators make climate demands of financial services
The Bank of England regulator has published proposals on what it expects the boards of financial services firms to do to tackle climate risk.
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It’s little more than a week since the Intergovernmental Panel on Climate Change shook the world with its urgent message on global warming. And now comes the turn of financial regulators to ensure banks and insurance companies are safeguarding their businesses against the threat from rising temperatures.
The Bank of England this week told institutions they need to have “credible” plans or policies in place to manage exposures to climate change.
There was also a direct appeal to boardrooms who were told they will be expected to “understand and assess the financial risks” inherent in climate change.
This will include identify
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