Finance must do more on climate risk, BoE’s Breeden says

Sector using lack of certainty as “an excuse to go slowly,” senior official says

Sarah Breeden
Sarah Breeden
Photo: Bank of England

Financial firms must do more to integrate climate change risk into strategic decision-making, Bank of England executive director Sarah Breeden said on April 18.

Climate disclosures have improved and green finance has grown its market share, Breeden told an audience of risk professionals. She said scenario analysis had shed light on poorly understood risks, while banks and insurers have begun to develop climate risk management capabilities.

But Breeden said there needed to be a “reality check”

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