BoE raises expectations for climate risk analysis by firms
David Bailey says banks and insurers need to use climate modelling to manage risk
The Bank of England is toughening its expectations for how banks and insurers manage climate risks, executive director David Bailey said on April 30.
Bailey was speaking as the bank’s Prudential Regulation Authority launched a consultation on its updated approach to supervising climate risks. He stressed the proposals were “expectations, not rules”, but said firms would be assessed on the basis of their climate risk modelling and risk management practices during supervisory reviews.
Bailey said
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