The European bodies have called for governmental action to increase the use of climate catastrophe insurance.

The ECB board member also argued that central bankers are “climate and environmental policy takers”, in that they “need to take climate and environmental factors into account”.

The Banque de France (BdF) has pledged to align its non-monetary policy investment portfolio of €22bn with a 1.5°C trajectory. In addition, the BdF has strengthened its fossil fuel exclusion policy. …

This green deposit framework is the first of three that Governor Shri Shaktikanta Das has said the central bank would be releasing in the coming months.

Advocates note “the window for reallocating capital in line with a 1.5ºC transition is narrow, and current action is falling short”.

Withdrawals are the latest blow to the Glasgow Financial Alliance for Net-Zero.

Policies with “major loopholes and weaknesses” allow firms to “continue providing financial services that are essential to the development of new coal, oil and gas projects”.

Politicians hope the bill will require the Federal Reserve to bring in policies restricting finance for fossil fuel and deforestation activities.

The UK government’s energy plan lacks the additional funding that climate advocates claim is needed to maintain its status as a global climate leader. …

Reports are based on the ECB’s corporate securities holdings under two monetary policy programmes, its green funds portfolio and its staff pension fund.

The latest report from climate scientists also calls for “reduced mismatches between available capital and investment needs”.