Finance
Bank Watchdogs Urged to Pay More Attention to Climate Risk
A eucalyptus and pine forest burned by wildfires in Argentina.
Photographer: Sebastian Lopez Brach/BloombergThis article is for subscribers only.
The international organization that monitors the global financial system urged supervisory authorities to pay more attention to climate risk.
In a report published on Friday, the Financial Stability Board said that “supervisory and regulatory risk assessments and policies need to better incorporate understanding of the channels through which climate-related risks to financial institutions may be transferred across sectors or borders.”