An enhanced ECB system-wide climate stress testing framework shows that climate-related financial losses in a disorderly transition could be significantly amplified by the market reactions of banks, investment funds and insurers.
Climate-related risks could force millions of UK households to go without insurance, the Bank of England’s first climate stress test has revealed.
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.
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.
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. …
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