Tackle Climate Change With Capital Rules, Campaigners Urge

By Najiyya Budaly (November 24, 2021, 2:33 PM GMT) -- Financial institutions should be governed by tougher capital rules to help prevent a potential climate-driven crisis, an advocacy group said on Wednesday, claiming that regulatory action so far on mitigating extreme weather risks is not sufficient.

Finance Watch said in a report that fixes to Europe's prudential rules are a quick way to address climate change risks to the financial system. Imposing minimum capital requirements on finance firms that continue to finance fossil-fuel companies and projects would force banks and insurers to distance themselves from the risk or build up their capital buffers, it said.

The bloc is currently reviewing the...

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