EU Climate Stress Test Plans Face Hurdles, ECB Says
Law360, London (November 21, 2019, 6:06 PM GMT) -- The European Central Bank admitted Thursday that “major barriers” currently exist with plans to add climate-change risks to future scenarios for European banking stress tests.
Climate change is becoming a bigger issue for central banks as demand is rising for investment to be environmentally sustainable. The European Commission said earlier this month the issue 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.
The ECB is currently working on a methodology for calculating risks related to climate change, Vice President Luis de...
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