EU Finance Ministers Say Sector Must Adapt To Climate Risks

By Najiyya Budaly (September 13, 2021, 5:27 PM BST) -- Banks and insurers have an important role to play in tackling risks caused by natural disasters and creating sustainable products, Europe's finance ministers have said, as the bloc looks to boost the financial sector's resilience to climate change.

The EU's economic and financial affairs ministers said that the bloc will work on policies to manage future risks to the financial system posed by a changing climate. The right initiatives and measures will help banks, asset managers and insurers create financial instruments that are sustainable and tackle risks arising from extreme weather, such as floods and hurricanes, the ministers said.

"Reducing potential...

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