Banks must fix gaps in climate stress tests – Elderson
ECB supervisor says risks once thought remote are moving closer to becoming tomorrow’s baseline
Banks must address the limitations of their climate stress-testing frameworks to reduce their vulnerability to severe nature-related risks that were once considered remote, the vice-chair of the European Central Bank’s supervisory board has warned.
Speaking at a joint ECB-Bank of England conference in Frankfurt on October 14, Frank Elderson said that only around 15% of the climate stress tests and scenario analyses that banks used in the internal capital adequacy assessment process covered all
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