Trillions of dollars may be misallocated to deal with the wrong climate threats around the world because the models used by central banks and regulators aren’t fit for purpose, a leading Australian climate researcher says.
Central banks have underestimated the significant threat posed by biodiversity loss, a new report said Thursday, warning that financial institutions and businesses were destroying the natural assets that they depend on.
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.
With central banks now picking winners and losers, citizens should legitimately ask what criteria they use to do so, and call on bankers to establish responsible investing standards that contribute to a greater social good.
Central banks are usually tasked with keeping inflation in check, while promoting economic growth and employment. Now, add fighting the climate crisis to the list.
The Federal Reserve announced yesterday the creation of a first-of-its-kind committee to deepen the central bank's understanding of the risks that climate change poses to the financial system.
The Federal Reserve - America's central bank, responsible for managing the nation's money supply - announced last week that it has joined a network of institutions dedicated to preparing the financial system for climate change.
