Climate Shocks Threaten Financial Stability, EU Bodies Warn

By Joel Poultney (July 27, 2022, 2:21 PM BST) -- Market shocks caused by a changing climate could pose immediate and secondary risks to financial stability, according to a report by Europe's central bank and systemic risk board, which have called for an orderly transition toward a net-zero carbon economy by 2050.

The European Central Bank and European Systemic Risk Board published a joint report on Tuesday setting out the interrelated impact that such climate-change shocks could have across the bloc's financial system. The 129-page paper explores how climate risks "can quickly spread and harm companies and banks alike."

The two authorities offered further evidence on the "systemic nature" of risks posed...

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