The Bank of England will postpone its climate stress tests, a pioneering undertaking designed to offer one of the most comprehensive insights on the effect of global warming on banks and insurers.
The central bank’s Prudential Regulation Authority unit said Thursday it will delay the launch of its climate biennial exploratory scenario, which will test the resiliency of the largest financial firms’ business models to the physical and transition risks from climate change, until at least mid-2021. The launch was originally planned for the second half of this year. The PRA also said it won’t publish information about its 2019 stress tests of insurers, which for the first time calculated climate risks.
