Companies must take climate risk seriously, says Bank of England

The Bank of England (BoE) has told banks and insurers to give a senior executive responsibility for managing risks associated with climate change and to start including a list of their most significant exposures in their company reports

The Bank of England (BoE) has told banks and insurers to give a senior executive responsibility for managing risks associated with climate change and to start including a list of their most significant exposures in their company reports.

In an announcement yesterday, the bank’s Prudential Regulation Authority (PRA) opened a consultation on its plans to encourage more responsible approaches to climate-related risk.

External observers have suggested that the BoE may impose capital add-ons for companies that are not sufficiently addressing climate-change risks. The BoE is expected to put out more detailed guidance soon.

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