Central Banks Join Climate Activism
Quote from Ndubuisi Ekekwe on April 26, 2019, 1:59 PMCentral banks are the newest climate change activists, as Katherine Dunn writes for Fortune. Their approach is one of managing nations' financial risk, and doing nothing in the face of massive climate change is not an option. Case in point: the Bank of England, which last week announced it expects banks and insurance companies to disclose how they are dealing with that risk (Fortune)
“No country or community is immune,” read an open letter signed by Bank of England’s governor Mark Carney, Bank of France Governor François Villeroy de Galhau, and Frank Elderson, who chairs the Network for Greening the Financial System and serves as an executive director at the Dutch central bank. “The prime responsibility for climate policy will continue to sit with governments. And the private sector will determine the success of the adjustment. But as financial policymakers and prudential advisors, we cannot ignore the obvious risk before our eyes.”
Central banks are the newest climate change activists, as Katherine Dunn writes for Fortune. Their approach is one of managing nations' financial risk, and doing nothing in the face of massive climate change is not an option. Case in point: the Bank of England, which last week announced it expects banks and insurance companies to disclose how they are dealing with that risk (Fortune)
“No country or community is immune,” read an open letter signed by Bank of England’s governor Mark Carney, Bank of France Governor François Villeroy de Galhau, and Frank Elderson, who chairs the Network for Greening the Financial System and serves as an executive director at the Dutch central bank. “The prime responsibility for climate policy will continue to sit with governments. And the private sector will determine the success of the adjustment. But as financial policymakers and prudential advisors, we cannot ignore the obvious risk before our eyes.”