The first stress test of US insurance company investments found that west coast insurers could lose billions if the transition to a green economy is delayed.
A new ECB report says a ‘staggering’ proportion of big eurozone banks are not aligned with the Paris Agreement.
Nature loss could cost the global economy US$5tn yet central banks are not using such risks in their climate risk scenarios, according to Oxford University.
The EU plans to give the ECB more power over banks’ climate transition plans, including the ability to reinforce actions and targets.
The lack of clarity around net-zero commitments could lead to litigation, reputation and supervision risk, according to an ECB research paper.
Climate scenarios used by the financial sector fail to take into account recent setbacks from geopolitical events, the International Monetary Fund has said.
A disorderly transition would be 50% more expensive for banks and insurers than a smooth transition, a study from the Monetary Authority of Singapore has found.
The Basel Committee is seeking feedback on climate disclosure rules for banks, which would include scope 1, 2 and 3 emissions. …
The Central Bank of Bahrain has issued ESG reporting standards to facilitate “transparent and comparable” disclosures, and pursue social and climate-related objectives.
While there is no standard definition of a just transition, it usually refers to taking into account those impacted by the move to a net-zero economy, which some say is essential.
South African Reserve Bank’s Lesetja Kganyago says benefits and costs should be shared equally between countries.
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