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Oil Rich Norway’s Central Bank Sounds Climate Risk Warning

  • Says climate risk should be included in systemic risk esimates
  • Climate-related rout would be worse than cyclical oil slump
An oil drilling platform sits on board the world's largest construction vessel, the Pioneering Spirit, in the Bomla fjord near Leirvik.

An oil drilling platform sits on board the world's largest construction vessel, the Pioneering Spirit, in the Bomla fjord near Leirvik.

Photographer: Carina Johansen/Bloomberg
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Norway’s central bank issued its most comprehensive warning to date about the risks of climate change for the oil-producing country’s banks and financial markets.