Kuroda Calls for Forward-Looking Steps on Climate Risks

Central banks must take forward-looking steps and make steady progress in overcoming climate-related financial risks, according to Bank of Japan Governor Haruhiko Kuroda.

“The size and number of challenges is no reason to delay addressing this issue,” Kuroda said Thursday in the text of his speech for a climate risk workshop hosted by the BOJ. “Financial authorities have established frameworks based on their experience of previous crises in order to avoid another. However, this pattern cannot be repeated in the case of climate-related financial risks.”