climate risks News

AXA’s Chief Risk and Investment Officer Says Biodiversity Loss Among ‘Very Top Risks’

AXA Group’s chief risk and investment officer, Alban de Mailly Nesle is required to ponder myriad dangers to the Paris-based insurer and its 830 billion-euro ($995 billion) asset management arm. He says one of the greatest and most under-appreciated threats …

More Firms Need to Disclose Potential Financial Hit from Climate Change: Regulator

Too few companies specify their prospective financial hit from climate change under a voluntary global disclosure code that needs wider backing from asset managers and others to be fully effective, a global regulatory body said on Thursday. Climate change can …

Bank of England to Require Company Disclosures on Climate Risks

Current rules on company disclosures to help markets price in risks from climate change will become mandatory, a senior Bank of England official said on Friday. It is the latest push in the financial sector to harmonize standards globally so …

Inconsistent Data Hinders Climate Risk Comparisons for Insurers, Banks: Regulator

Comparing how banks and insurers from different countries cope with climate change is being hampered by a lack of consistent data, the Financial Stability Board said on Wednesday. Regulators are asking financial firms to gauge “physical” and “transition” risks from …

UK Insurers, Banks Must Be Ready to Manage Climate Risks by End of 2021: BoE

Banks and insurers in Britain must implement by the end of 2021 plans they have drawn up to deal with risks to their businesses from climate change, the Bank of England (BoE) said on Wednesday. The BoE previously told firms …

Bank of England Tells Insurers, Banks to Continue Analyses of Impact of Climate Risk

The Bank of England (BoE) has told banks and insurers to press ahead with analyzing the impact of climate change on their operations, saying that guidance published on Monday would be followed by targets next year. The guide drawn up …

Grounded Airplanes at Risk from Asia’s Tropical Storm Season, Industry Experts Warn

Airlines, airports and insurers across Asia are bracing for the prospect of unusually high damage as the region’s tropical storm season begins, as hundreds of aircraft grounded by the coronavirus pandemic can’t be moved easily. Major airports in storm-vulnerable regions …

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’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 …