BoE Lays Out Climate Change Rules For Banks, Insurers
Law360, London (December 18, 2019, 3:16 PM GMT) -- The Bank of England on Wednesday published proposals for a new regulatory framework to test how well Britain's biggest banks and insurers can withstand the financial shocks that could come with a warming climate.
The new framework, called the 2021 Biennial Exploratory Scenario, or BES, will test whether the financial system will be able to weather the physical impact of climate change as well as the risks that will come with the transition to a carbon-neutral economy.
“Climate change will affect the value of virtually every financial asset,” said Mark Carney, the governor of the BoE. “The BES will help ensure the...
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