News

A man wades through a flooded street in a quaint Cornish town
May 26, 2022

Banks to offload climate losses onto customers, BoE stress test finds

Banks look able to bear the losses resulting from climate change in part by passing them onto their customers, the Bank of England has reported following its first climate stress test.
Network for Greening the Financial System, Bank of England
Opinion
A sign reading 'Danger: cliff edge' surrounded by wildflowers and the cliff edge in the distance
May 26, 2022

Blip, crisis or collapse: why financial regulators need to prepare for more than a climate crisis

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.
Janet Yellen sat at a desk in front of a microphone
May 18, 2022

Yellen rebuffs Republican onslaught over climate policies

Amid intensifying attacks from Republican lawmakers, US treasury secretary Janet Yellen has repeatedly defended regulators’ action to address climate risks.
Financial Stability Oversight Council, Federal Reserve
Weekly roundup
Lars Peter Hansen
May 13, 2022

Weekly roundup: call for regulators to understand climate uncertainty

A Nobel laureate says supervisors must understand climate uncertainty, systemic risk buffers and climate risk, an FSB call for transparency, cooperation and a holistic perspective, and more from this week in green central banking.
Te Pūtea Matua / Reserve Bank of New Zealand, Bank of International Settlements, De Nederlandsche Bank, European Central Bank
The top floors of an office block with the Aviva logo in the upper right corner
May 11, 2022

UK’s top insurer backs green role for financial regulators

Aviva has said it supports giving regulators a statutory duty to facilitate the financial sector’s alignment with net zero and to consider the importance of reversing nature loss.
Bank of England
Manhattan skyscrapers and the Hudson river at sunset
May 10, 2022

US investors overwhelmingly support SEC climate disclosure rule

Seventy percent of US retail investors want the SEC to require all public corporations to disclose standardised information about their climate risks, according to a new survey.
Securities & Exchange Commission
A power cable plug into an electric car
May 9, 2022

EU urged to bolster transition plan requirements

The EU has been urged to strengthen the powers of the ECB and other supervisors to judge banks’ climate transition plans, and to ensure they stick to them. …
Bank of England, European Central Bank
Offshore wind turbines against a blue sky
May 3, 2022

UK seeks to boost green investment with insurance rules overhaul

UK authorities are pressing ahead with plans to overhaul the regulatory regime for insurers, in a bid to unlock billions of pounds of green investment. …
Bank of England
EU flags outside the European Commission offices in Brussels
April 28, 2022

ECB welcomes green capital requirements proposal

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.
European Central Bank
An oil rig at sea
April 26, 2022

Survey shows widespread climate denial in global banks

Almost a third of respondents have encountered climate denial among financial sector decision-makers, with 93% saying they had encountered negative attitudes towards climate action.
Bank of International Settlements, European Central Bank
A woman, Sarah Breeden, standing against a white background, smiling
April 21, 2022

Transition plans key to navigating net zero ‘tightrope’, says BoE

The path to aligning the financial sector with the UK’s net-zero goals is like a “tightrope”, a top Bank of England official has warned. …
Bank of England

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