The ECB’s latest report supplements current data establishing an interdependent relationship between nature and risks posed to the financial system.
The NGFS publishes findings on the role of central banks and supervisors in transition planning and commits to “a concerted push” for transition planning and blended finance. …
The investor-led framework aims to help banks align their transition plans with investor expectations, while an initial assessment of the framework will be published this summer.
The Federal Reserve stands apart from its peers in downplaying climate risk, even as some parts of the US become uninsurable, says Alex Martin of Americans for Financial Reform.
The insurance giant cited wildfire and inflation, as well as a need to improve the company’s financial strength as the reasons for the decision. …
Day two of the Green Swan conference explores the macroeconomic implications of the transition to a low-carbon economy, with a keynote speech from Mark Carney.
The currency and finance report noted that central banks have a role to play and that India needs to spend an estimated 85.6tn rupees by 2030 to adapt to climate change. …
The Bank of Canada (BoC) has published its first disclosure of climate-related risks, revealing a portfolio vulnerable to climate transition risks.
The ECB board member also said that central banks should provide market incentives to induce changes in the financial industry but that they can’t be the only institutions inciting change. …
Financial companies need to do more to integrate climate risk into their decision making process, while accounting for economic and financial headwinds, the BoE executive director said.
Political economist Ann Pettifor says the collapse of Credit Suisse and other banks has shown that only the state has the firepower to address systemic problems, including climate change.
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