BoE Weighs Capital Penalties On 'Brown' Financial Products
Law360, London (March 10, 2020, 3:11 PM GMT) -- Companies could be forced to hold additional capital against financial assets that are particularly exposed to climate risks, the Bank of England said Tuesday, as U.K. regulators weigh what can be done to curb “brown” products and boost consumer awareness.
Mark Carney, the central bank’s outgoing governor, said the Bank of England is weighing up the case for “brown-penalizing.” This would force asset managers, insurers and pension funds to stockpile extra money if they invest in financial products that are polluting or harming the climate.
“The Bank of England's approach to setting capital requirements is determined by its statutory objectives for...
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