PRA breaks new ground on climate risk supervision

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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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