BoE Launches Climate Stress Test For Insurers, Banks
Law360, London (June 8, 2021, 3:40 PM BST) -- The Bank of England published a three-scenario model on Tuesday for its first stress test of large banks and insurers as it assesses risks posed by climate change in the finance sector's move away from carbon-emitting industries.
Companies taking part in the so-called climate biennial exploratory scenario exercise will measure the impact of a potential financial landscape on their balance sheets for the year that ended in December. The central bank said the exercise represents a proxy for the current business models of finance firms.
The exercise uses three scenarios: "early action," "late action" and "no additional action" to assess physical risks...
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