Climate change risks News

Bank of England’s Carney Warns Investors to Get Serious About Climate Change

In a world facing a climate crisis, investors need to start taking account of carbon emissions and rising temperatures in their decisions, according to Bank of England Governor Mark Carney. The shift in thinking will be key to the industry’s …

Financial Services Firms Risk $1 Trillion in Losses from Climate Change: Report

The world’s financial services sector risks losses of up to $1 trillion if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax, a new report shows. The …

Australia Regulator Seeks to Understand Financial Risks of Climate Change

Australia’s prudential regulator said on Monday it was looking to better understand the financial risks of climate change and would begin undertaking deeper assessments of the industry’s vulnerabilities to improve resilience. The Australian Prudential Regulation Authority (APRA) will develop industry …

Australia’s Central Bank Chief Warns of Economic, Financial Effects of Climate Change

Australia’s central bank chief Philip Lowe warned of wide-ranging economic and financial impacts from climate change, after his drought-stricken nation suffered some of its worst wildfires ever. Speaking on a panel with his Canadian counterpart, Lowe pointed out that drought …

Outgoing BoE Governor Discusses Risks of Negative Interest Rates, Climate Change

Mark Carney said he’s lucky he never had to cut interest rates below zero as Bank of England governor because they would have damaged the UK. Carney, who leaves the central bank next month, has long been opposed to negative …

Most UK Insurers, Banks Unprepared for Risks of Climate Change

The Bank of England faces an uphill climb to get the finance industry ready for one of its biggest threats: the climate. About 80% of senior finance executives believe their firms “lack well-developed strategies to manage the risks of climate …

Australia’s Capital, Canberra, Faces Worst Bushfire Threat in 17 Years

Canberra, Australia’s capital that’s surrounded by bush, is facing its worst wildfire threat in 17 years as a blaze sparked by a military helicopter approaches the city amid heatwave conditions. Residents in Canberra’s southern suburbs should be vigilant after the …

Australian Insurers Should Be Able to Withstand Mounting Bushfire Claims: AM Best

Australian insurers are well-capitalized and should be able to withstand losses from the 2019/2020 bushfire season, aided by strong capital positions and support from reinsurance partners, said AM Best. The ratings agency explained that comprehensive use of reinsurance has helped …

As Insurers Pull Back from Australia’s Bushfire Zones, They Could Become Uninhabitable

Australian wildfires that have razed thousands of homes and blackened an area about the size of England may also create the nation’s first climate refugees. That’s the view of Michael Mann, distinguished professor of atmospheric science at Pennsylvania State University, …

Bushfire-Ravaged Australians Face Choice in Era of Climate Change: Rebuild or Leave?

It took two years for Nigel Allison to build his mud-brick house on a sleepy southeastern tip of Australia, and just hours for it to be gutted by fire. The cherished three-bedroom home built in 1986 was one of several …