Threat from climate change to financial stability bigger than Covid-19

Threat from climate change to financial stability bigger than Covid-19

By Matthew Vincent
June 7, 2020, Financial Times

Climate change poses a bigger threat to financial stability than the coronavirus pandemic and the rules on bank lending to fossil fuel groups must be tightened to address it, a new report has warned.

In his latest research for the Finance Watch advocacy body, Thierry Philipponnat — a board member at the French financial regulator, and one of the EU’s technical experts on sustainable finance — has recommended increasing the risk weightings banks must apply to their oil, gas and coal exposures.

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