The Bank of England will carry out further study as it is not yet clear whether it needs to require banks and insurers to set aside longer-term capital buffers to provide for the consequences of climate change.
If overall industrial activity does increase as expected in 2023, then energy use and pollution from production lines and smokestack plants across India can also be expected to climb, undermining global efforts to reign in fossil fuel pollution.
Countries were far from agreeing the contours of a climate deal at the COP27 summit in Egypt on Wednesday, with the host country urging negotiators to resolve their differences ahead of a weekend deadline.
Global regulators published a detailed checklist for banks to assess how climate change affects all aspects of their business, including pay and capital, as economies set carbon reduction targets.
Brazil's central bank has announced new rules making it mandatory for banks to incorporate climate change-related risks into stress tests, starting in July 2022.
Where COVID-19 has precipitated unprecedented debts, climate change could trigger defaults across a planet which a United Nations panel says is dangerously close to runaway warming.
Europe plans to funnel hundreds of billions of euros into sustainable investments each year through EU banks and markets to create the first "climate-neutral continent" by 2050.
