The BoJ releases climate scenario analysis results, CEBRA focuses on the green transition, how the ECB’s climate strategy increased green bond issuance, new E-axes policy briefs and more from this week in green central banking.
Climate risk shocks could rapidly spread throughout the eurozone financial system unless macroprudential tools are mobilised in response, according to a new ECB paper.
The influential Basel Committee on Banking Supervision have published their finalised set of principles for managing and supervising climate-related financial risks, their first explicit climate-related guidance.
A group of leading ECB figures have argued that demonstrated market flaws surrounding emissions and climate change require corrective action to fulfil the central bank’s mandate of “favouring an efficient allocation of resources”.
Buildings generate over one-third of the EU’s CO2 emissions, and economists from the Bank of Italy and Ricerca sul Sistema Energetico have developed a banking regulation tool which they say will help accelerate the green transition in the sector.
Financial regulation is shaped by previous crises, but the climate crisis is like nothing else and so regulators are woefully unprepared, argues James Vaccaro of the Climate Safe Lending Network.
In its latest annual report, the Banco de España has identified “moderate” short term climate-related risks facing Spanish financial institutions, rising dramatically as physical risks materialise.
The ECB has supported EU proposals on green capital requirements and transition plans, saying it is already empowered to implement climate-related systemic risk buffers.
Canada’s mandatory climate disclosures for banks and insurers, Colombia’s new green taxonomy, Malaysia’s financial exposure to nature-related risk, and more from this week in green central banking.
IPCC warnings of a systemic financial stability risk from climate change strengthens the case for qualitative prudential measures under the existing Basel framework, says a leading thinktank.
A report from a coalition of civil society groups shows that the world’s 60 largest private banks provided USD$742bn in fossil fuel lending during 2021, including $185.5bn for fossil fuel expansion.
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