ECB releases results of economy-wide climate stress test
The ECB has released results of an economy-wide climate stress test examining climate impacts on four million firms and 1,600 euro area banks. It finds the costs of climate change far outweigh the costs of a low-carbon transition.
Luxembourg banks unprepared for climate risks
The climate strategies of Luxembourg’s banks and investment funds are “timid, or even non-existent,” according to an analysis published in the Banque Centrale du Luxembourg’s latest Financial Stability Review.
US civil society groups add to calls for new Fed Chair
Civil society groups from 32 organisations have sent an open letter to US President Joe Biden asking him to replace Jerome Powell as US Federal Reserve Chair due to his weak leadership on addressing climate change and its effects on …
Priorities for the Next Federal Reserve Chair: Assertively Take On Climate-Related Risk
Current Fed Chair Jerome Powell has taken little to no action on climate change and the next Fed chair should adopt a dramatically different and proactive approach to eliminating climate risk from the US financial system, write David Arkush and …
Weekly roundup: ‘Green Flamingos’ and Danmarks Nationalbank on climate price stability
Danish central bank on climate and price stability, new EU climate reporting standards, the ‘Green Flamingo’ of emerging markets and how Latin American central banks failing on climate change. This and more from this week in green central banking…
Australian prudential authority pushes banks to assess climate risk
Australia’s financial regulator has published details of a climate vulnerability assessment being carried out by the country’s biggest banks to assess the nature and extent of the risks they may face due to climate change.
Weekly roundup: South Korean oil & gas financing and the financialisation of food
Banque de France on biodiversity risks, the ECB’s Schnabel on climate change and monetary policy, a new report on South Korean oil & gas financing, a climate assessment of Australian banks, the financialisation of food and more in this week’s …
Fed study shows impact of climate change on GDP
A Federal Reserve study examining 30 years of GDP and weather data across 124 countries finds temperature has a “very strong” negative impact on GDP growth, depressing growth across the entire distribution of economic activity over time.
Weekly roundup: Climate food price inflation in Turkey and ECB protests
Reaction to the IPCC AR6 report, climate and food price inflation in Turkey, NGFS Chair Frank Elderson on patchy data, and large protests outside the ECB headquarters against the central bank’s continued support for fossil fuels.
Study finds NGFS scenarios unrealistic and high risk
The NGFS is gambling with the planet’s future by relying on yet-to-be-invented carbon capture and storage technology deployed at scale in order to justify continued fossil fuel investment, finds a new analysis of the NGFS’ climate scenarios. The Reclaim Finance …
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