The Fed has released the scenarios that the largest US banks will have to consider to determine their resilience to climate change.
Countries in the Asia Pacific region are highly vulnerable to climate change and central banks must do more to mitigate the physical and transition risks, say policy experts from WWF.
Jerome Powell in a speech on central bank independence declared that “we are not, and will not be, a ‘climate policymaker.’”
Governments could face huge bailout bills and job losses in the event of a crash in the fossil-fuel market, according to climate advocates.
The Brazilian president’s pro-climate stance could create a favourable political context for the central bank to take further action, according to a policy expert.
Following other financial regulators, the Federal Reserve has released draft principles to guide large US banks in managing their climate-related financial risks.
A growing drought risk to Brazil’s financial stability, a climate skills deficit among central bankers, a new initiative on data gaps and more from this week in green central banking.
New legislation will require Swiss banks, insurers and large public companies to publish climate-related financial disclosures and transition plans by 2024.
A review of climate-related financial disclosures has found that all lack decision-useful data across the TCFD recommendations and none are aligned with Paris Agreement targets.
A joint report from the FSB and NGFS has warned that current climate scenario analysis exercises “may understate” climate exposure by failing to account for second-round effects, non-linearities and other large sources of climate risk.
The macroprudential toolbox is already equipped to handle systemic risk and can be adjusted to deal with risks stemming from the climate crisis, says Pierre Monnin from the Council on Economic Policies.
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