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Bank of England tells banks to quantify climate-change risks -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a general view of the Bank of England, London’s financial district, on November 5, 2020. REUTERS/John Sibley/

LONDON (Reuters), – Banks should be ambitious in quantifying the risks of climate change for their British business, or they will face regulatory intervention if they do not meet this standard, according to Wednesday’s Bank of England statement.

The BoE sent a note to CEOs of banks urging them to pay attention to the way they integrate climate-related risk into their business strategies, decision making, and risk taking.

“Furthermore,” the letter added, “We will also keep a range supervisory tools under consideration for use whenever we deem progress insufficient.”

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