Mark Carney Banks must help fight climate change by Joel Taylor Published
Frank Van Lerven, Senior Economist at the New Economics Foundation said: "The world's leading central banks are doing an excellent job of ringing the alarm bells and raising awareness around the risks climate change could pose to our financial system".
Mr Carney wrote an article for the Guardian along with his French counterpart François Villeroy de Galhau that called on financial policy makers to help tackle climate change.
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 supervisors, we can not ignore the obvious risks before.
The NGFS is a coalition of 34 central banks which was formed in 2017, with the Bank of England as a founding member.
The TCFD recommendations are aimed at helping businesses and other organisations to communicate climate related risks.
It urges banks and their supervisors to integrate climate risks and opportunities into their financial stability monitoring and micro-supervision processes, translating potential and past climate impacts directly into financial terms, and to manage their portfolios in a way that champions investment in low-carbon assets over those associated with high carbon and deforestation risks.
Did You See Tuesday Night's Fireball Meteor?
No injuries or damage was reported as a result of the fireball, but it definitely distracted a few drivers on its way down. A fireball is an extremely bright meteor, brighter than the planet Venus.
They also say that central banks should "lead by example" by making their own operations more sustainable.
Third, collaborate to bridge the data gaps to enhance the assessment of climate-related risks. An important element to achieving effective consideration of climate risks across the financial system is to support internal and external collaboration.
The NGFS has also called for regulators to come up with a classification system that shows exactly "which economic activities contribute to the transition to a green and low-carbon economy". We recognise that the challenges we face are unprecedented, urgent and analytically hard.
The NGFS sets out three climate-related financial risks that companies, banks and governments need to fight against.
The focus on climate and environmental risk by central banks globally is accelerating, with the release of a comprehensive report at the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) conference in Paris overnight.
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