Central bankers said on Tuesday they have broken new ground by using artificial intelligence to collect data for assessing climate-related financial risks, just as the volume of disclosures from banks and other companies is set to rise. The Bank for …
The European Central Bank will limit purchases of longer-term debt issued by companies that rank poorly under a new scoring system created to screen out polluters and tackle climate change. The maturity limit will cut the “longer-term exposure of the …
A sudden jump in carbon prices coupled with floods and droughts this year would lead to losses of at least 70 billion euros ($71.1 billion) for the euro zone’s largest banks, the European Central Bank said on Friday. The ECB …
Europe’s landmark test of banks’ resilience to global warming was far softer than many lenders had expected, according to people familiar with the matter. Even the toughest hypothetical scenarios in the European Central Bank’s climate stress test didn’t result in …
Insurers need to plug data gaps to be better prepared for the impact of climate change on their operations and further work may be needed on how much capital they should hold, the Bank of England (BoE) said on Wednesday. …
LONDON – Banks and insurers that fail to manage climate risks as a “first-order” issue could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England (BoE) said on Tuesday. In its first …
UK pension schemes should not ignore climate change, a senior executive at The Pensions Regulator said on Monday, the first watchdog to weigh in after a top HSBC banker was suspended after playing down the financial risks of climate change. …
Central bank policymakers and other global authorities are exaggerating the financial risks of climate change, a senior HSBC banker in charge of sustainable investments said in remarks that drew criticism from climate activists. The bank said his views did not …
Climate change, the rapid growth of “stablecoins” and financial innovations that led to frenzied trading of GameStop Corp shares early this year are threats to the U.S. financial system that merit closer scrutiny, a Treasury Department-led regulatory panel said on …
The clock is ticking for banks, insurers and asset managers still providing support to oil, gas and coal producers. It’s not just the moral imperative—that fossil-fuel use is destroying the atmosphere and life on Earth with it. It’s that their …
