Banks’ green push requires more stick than carrot - liamwardproud -
The Network for Greening the Financial System, a group of 100 central banks and supervisors, on Nov. 3 said its members would step up their efforts to keep global warming to less than 1.5 degrees Celsius compared with pre-industrial levels.
The Basel Committee on Banking Supervision is considering how to measure and reduce financial-stability risks stemming from global warming. The Bank of England on Oct. 28 said it would crack down from next year on banks and insurers that do not hold enough capital to cover risks from climate change, while also considering bespoke safety buffers.
Climate change is an “emerging threat” to U.S. financial stability which regulators should address in their everyday work, a top U.S. regulatory panel said on Oct. 21. The Financial Stability Oversight Council issued a 133-page report that could ultimately lead to new rules and stricter oversight for Wall Street. In response, Federal Reserve Chair Jerome Powell said: “The public rightly expects us to work to ensure the financial system is resilient to climate-related financial risks”.Buildings are seen in Canary Wharf business district, amid the outbreak of the coronavirus disease , in London, Britain, October 20, 2020.
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