BoE Green Finance Test To Include 'Catastrophic' Scenario
Law360, London (October 8, 2019, 2:58 PM BST) -- Bank of England governor Mark Carney said Tuesday that the central bank will be the first regulator to stress-test its financial system against a range of climate trends, including “catastrophic” business-as-usual scenarios.
Carney said the changes in global weather will prompt reassessments of the values of virtually every financial asset. Financial services firms and insurers that realign their business models to the transition, where carbon emissions are a net total of zero, “will be rewarded handsomely,” the governor said.
“Those that fail to adapt will cease to exist,” Carney said in a speech in Tokyo. “The longer that meaningful adjustment is delayed,...
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