PRA breaks new ground on climate risk supervision


The Bank of England says it has become the first regulator worldwide to set supervisory expectations for financial firms in dealing with climate change.

As well as setting out a series of actions banks and insurers should take to mitigate climate change risks, the supervisory statement includes a requirement for firms to nominate a senior official, or several, to be held accountable for the governance of climate change risks.

The Prudential Regulation Authority says it “expects a firm’s board

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