climate risks News

ECB to Limit Purchases of Longer-Term Debt Issued by Climate Laggards

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 …

Assets of World’s Largest Companies at Growing Risk of Climate Impact: S&P

Over 90% of the world’s largest companies will have at least one asset highly exposed to the physical impacts of climate change by the 2050s, data and analysis from index and ratings provider S&P Global showed on Thursday. From heatwaves …

WTW Acquires Climate Risk Analytics Firm Butterwire

Insurance broker WTW reported its acquisition of Butterwire, a provider of data analytics, artificial intelligence and machine learning platforms. Based in Glasgow, Scotland, the financial analytics company will become a part of WTW’s Climate and Resilience Hub. Terms were not …

ECB Climate Stress Test Highlights $71 Billion Risk for Euro Zone Banks

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 …

UK Insurers Need to Consider Climate Change Risks: Accounting Watchdog

The UK’s accounting watchdog is proposing new rules for insurance companies to make sure actuaries factor in climate change risk. “As the importance of climate change risks continues to grow it is critical that actuaries consider these risks in the …

WTW Enhances Climate Diagnostic Tool to Assist Climate-Related Reporting

Insurance broker WTW has enhanced the capability of its Climate Diagnostic tool, which was first launched in April 2021. In response to an increase in Task Force on Climate-Related Financial Disclosures (TCFD) reporting and the ever-growing need for transparency, WTW …

World’s Biggest Re/Insurers Expanding in Africa, but Climate Change Could Hit Profits

The world’s biggest insurers are expanding in Africa, looking to tap growth promised by a rising population and middle class, but climate change could complicate their quest for profits. With Western markets overcrowded, the continent provides a rare chance to …

Insurers Must Be Better Prepared for Impact of Climate Change: BoE

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. …

Canada Releases Draft Guidelines to Manage Financial Risks of Climate Change

A Canadian financial regulator released draft guidelines on Thursday to mitigate the risks of climate change as the country’s financial institutions prepare for mandatory disclosures starting in 2024. The guidelines, issued by the Office of the Superintendent of Financial Institutions …

Financial Services Firms Face Disclosure Requirements for Biodiversity Investments

DAVOS, Switzerland – Financial firms already struggling with climate-compliance due to unclear measurement metrics will soon face new disclosure requirements for biodiversity, or nature-related, investments. “Nature is a financial risk for business,” Elizabeth Mrema, co-chair of the Taskforce on Nature-related …