Despite international action and growing warnings from scientists about the potential impact of climate change, a new report shows that, while central banks are engaging with the notion of climate risk, that’s a far cry from action.
Civil society organisations are arguing that it's the duty of the European Central Bank (ECB) to exclude the most climate-harming corporations, as the driving force behind the high inflation and record-breaking heatwaves hitting the euro area, from its portfolio.
European Central Bank (ECB) warns climate change is not just bad for health and environment, it's also bad for the economy and a risk to financial stability. The research shows the banking system is no more prepared for climate change than business.
Whether you’re a proponent of ESG focused on financial or double materiality, it can be difficult to understand why central banks have become so interested in climate risk.
