New York’s banking regulator has released a staff report playing down the significance of weather disasters on banks, saying that larger banks’ incomes “actually increase after disasters”.
01 December 2021
Australia’s newly-released guidance on managing climate change risks doesn’t go far enough, environmental groups have said, criticising the lack of prescribed rules.
29 November 2021
The European Central Bank has published its first climate assessment of banks in the bloc, with one board member saying they “haven’t even attempted to analyse the impacts of climate risk on their business at all”.
22 November 2021
As COP26 ends with a new pledge from the banking sector to achieve net zero by 2050, the Basel Committee has published its first principles on how to manage and supervise climate risk.
17 November 2021
Regulators and central banks have issued more climate-related commitments to coincide with COP26’s finance day, including preparations from the United Kingdom for becoming the world’s first “net-zero aligned finance centre” and the IFRS announcing plans for a single standard for sustainability disclosures.
04 November 2021
The UK’s prudential regulator has warned it plans to ramp up supervision of climate-intensive financing and levy higher capital requirements to compensate for climate risk in 2022, while the Financial Conduct Authority has announced its own refreshed ESG strategy.
29 October 2021
In-housers at Citi and Deutsche Bank have urged rapid regulation of the voluntary carbon market in the run-up to COP26 at an ISDA event in London, saying that it’s the only way to avoid greenwashing’s “kiss of death” – but they don’t want that regulation to come from government.
27 October 2021
Banking regulators have issued a stream of initiatives targeting climate risk in recent days, with the litigation risks of climate-related disclosure and calibrations of scenario analysis on the agenda as governments prepare for the opening of COP26 in Glasgow, Scotland.
25 October 2021
The “vast majority” of EU banks are not carrying out necessary climate analysis and should be legally required to adopt climate transition plans, according to a European Central Bank board member.
20 October 2021
Brazil’s newly autonomous central bank has moved to make it mandatory for banks to incorporate climate change-related scenarios into their stress testing from next year.
20 September 2021
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