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.
Climate change has led to an increased likelihood of high-intensity heavy rains and short-duration floods events as well as higher flood-related losses as a consequence, but insurance coverage has remained dangerously low.
Insurance payments to U.S. farmers for crops lost to droughts and flooding have risen more than threefold over the past 25 years, according to an analysis of federal data by the Environmental Working Group released on Thursday.
Marked by devastating hurricanes and cold snaps in the United States, 2021 proved the second-most costly year on record for the world's insurers, Munich Re said on Monday, warning that extreme weather was more likely with climate change.
Shipping companies that transport the world's coal are in the crosshairs of some financial backers who are cleaning up their businesses in the absence of a truly global drive by nations to renounce the dirtiest fossil fuel.
Financial services groups responsible for more than $90 trillion in assets have called for the leaders of the world's largest economies to push through "clear, credible and ambitious" policies to battle climate change.
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.
