Australia's worsening climate change may see insurance companies and banks withdraw their servicesfrom communities vulnerable to extreme events, potentially triggering "cascading effects" across theeconomy, a new government report warned.The government released its first National Climate Risk Assessment on ...
“Over time, if significant action is not taken to check rising global average temperatures, climate change impacts could impair the productive capacity of the economy and undermine its ability to generate employment, income, and opportunity,” the report, titled “Managing Climate Risk in the Fi...
Climate change is a concern for financial regulators: Greenhouse gas emissions, global warming and climate change are not only existential issues for those concerned with the future of humanity, they are also immediate concerns for financial regulators. Climate change poses a ubiquitous risk to financi...
aid financial institutions in understanding the risks and opportunities that arise from climate change; support financial institutions in how they adapt their risk, strategy and decision-making processes to reflect climate-related financial risks; and ...
Credit risk is coloured according to change: Neutral (grey), increased (brown) and decreased (green). Full size image Provinces estimated to be most stressed by climate change (i.e., greatest change in cycle period and amplitude) included Alberta, Saskatchewan, Prince Edward Island, and New ...
This study sought to determine the knowledge level of climate change among bank employees in Nigeria, their perception of climate change as financial risk. The study also seeks their opinion on management of climate change risk in banks and the Nigerian banking sector at large. Methods: Data was...
KEY TAKEAWAY 1: Banks should treat climate risk as a financial risk, not just as a reputational one The impact of climate change will prompt substantial structural adjustments to the global economy. Such fundamental changes will inevitably impact the balance sheet and the operations of banks, leadi...
"There is a cost policymakers need to be aware of and those costs come in terms of cross-border capital flows, in terms of the health of the global financial system, as well as in the ability of investors to diversify risk. So that cost of financial fragmentation, it's something that ...
This is going to affect risk-taking and also the vulnerability in the financial system," said Natalucci. There is a need to analyze what happened in the banking sectors of countries like the United States and Switzerland from an internal risk management perspective, from a supervisory perspective...
Financial institutions often did not understand the models they were using to predict the economic cost of climate change and were underestimating the risks of temperature rises, research led by a professional body of actuaries shows. Many of the results emerging from the models were “implausible,...