BoE should stay in its ‘swim lane’ on climate risks, says deputy governor

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Financial Times 13h ago

BoE should stay in its ‘swim lane’ on climate risks, says deputy governor - Financial Times

Quick Summary:

The UK has a legally binding target to hit net zero carbon emissions by mid-century and ministers have laid out how achieving this goal could lead to job creation and lower bills.

The regulator also updated its guidance on how to assess risks that include physical harm, such as flooding, as well as complications arising from the economic transition away from the most polluting forms of energy.

The PRA last month told banks and insurers to carry out internal reviews on climate risk, warning that no British lenders were able to fully quantify how climate change would affect their activities in different scenarios.