EU Weighs Stress-Testing Finance Firms For Climate Risk
Law360, London (November 7, 2019, 12:32 PM GMT) -- The European Commission has said it could force banks and insurers to test their resilience to climate change risks in an attempt to improve how the bloc’s financial sector manages its exposure to extreme weather conditions.
Valdis Dombrovskis, vice president of the commission, said on Wednesday that the executive body is considering whether to create stress-tests that will require finance businesses to assess their ability to resist natural disasters, such as flooding and hurricanes.
The EU has made green disclosures and policies a voluntary matter for banks and insurers. But climate change has the potential to hit their profits, making it a...
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