The bank had previously told firms to establish climate mitigation risk planning by October 2019. — Reuters pic
The BoE previously told firms to establish a plan by October 2019 to mitigate climate-related risks, such as rising flood claims, or risks caused by a shift to net-zero emissions that will hit investments in activities with heavy emissions.“There are some areas of our expectations where few barriers exist to full implementation, but we recognise that challenges remain in others,” Deputy Governor Sam Woods said in a letter to heads of banks and insurers that it regulates.
Limited data meant firms might not be able to calculate in full the impact on capital by the end of 2021, he said. BoE-backed industry guidance on mitigating climate risks was published this week. Woods said the central bank, which also acts as a regulator, would offer further guidance.
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