Global Banks Urged To Gauge Climate Risk

By Dawood Fakhir (June 15, 2022, 5:21 PM BST) -- Banks should adopt robust frameworks for assessing climate risk to ensure the stability of the broader banking system, a global group of regulators warned in a report published Wednesday after two years of research.

The Basel Committee on Banking Supervision said climate change can cause financial risks for lenders regardless of their size, complexity or business model. That is why banks should develop tailor-made frameworks to manage climate-related financial risks and the risks associated with transitioning to net-zero carbon emissions.

"Climate change may result in physical and transition risks that could affect the safety and soundness of individual banking institutions and...

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