Climate change
Climate risks narrowly concentrated among EU banks, report finds
Only 25 EU banks bear most exposure to physical risks of climate change, ECB-ESRB report says
BIS’s Luiz Pereira on tackling the climate crisis
Deputy general manager highlights the challenge posed by radical uncertainty, the benefits of carbon budgeting, and the case for acting now
People: Sam Woods reappointed; Fernanda Nechio returns to SF Fed
BoE deputy gets fresh term; Nechio to lead regional Fed’s sustainability research; and more
China abandons cryptocurrencies under the PBoC (this time it’s for real)
New data centres set to be established to compensate provinces for lost crypto mining revenues
FCA proposes expanding climate-risk disclosure rules
Climate disclosure proposals are first “substantive” policy for asset managers since Brexit
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
BIS prepares to redevelop HQ
Bank’s biggest building project since the 1970s could see major expansion of main site
EU blocks 10 major banks from bond issuances
Commission alleges lenders need to clarify previous antitrust breaches
Monetary policy must be climate-friendly, Bank of Ghana official says
It is ‘paramount’ for central banks to incorporate climate risks into monetary policy, official says
MAS publishes inaugural sustainability report
Report details central bank’s own efforts to cut emissions and broader work with financial sector
ECB could tilt bond purchases to favour greener companies – Schnabel
But sovereign bond purchases must overcome scarcity of green bonds and limits imposed by capital key
NGFS has ‘momentum’, but faces obstacles – Després
Lack of data and frameworks hamper climate mitigation, says Banque de France official
Research urges ECB to consider establishing ‘fossil bank’
Entity would play similar role to ‘bad banks’ established after financial crisis
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
PBoC to score largest banks’ green finance efforts
Chinese central bank aims to spur growth in environmental investing
Policy-makers debate central banks’ role in tackling climate change
Some see central banks as important co-ordinators; others warn they could overreach
BoE outlines climate stress tests
Tests planned as “learning exercise” and will not be used to set capital requirements
NGFS unveils second set of climate change scenarios
New scenarios use NiGEM macro model and take much more granular approach, officials say
Sizing the benefits and risks of our climate ambition
Fixing climate change is likely to entail substantial risks, new NGFS scenarios show. Firms and supervisors must seize this opportunity to adapt, write Sarah Breeden and Frank Elderson
Powell, Lagarde and Yi call for urgent action on climate change
Lagarde says asset taxonomy is needed soon while Yi says G20 must create disclosure standard
Central banks face legal risk over climate – ECB’s Elderson
NGOs could sue central banks for failure to take suitable action over climate change, says NGFS chair
Firms and supervisors must ‘transform’ climate risk management – regulators
Complexity and uncertainty demand major rethink of risk, say ‘Green Swan’ event speakers
Mandatory climate disclosures needed now – senior central bankers
Greening monetary policy operations should also be a priority, policy-makers say
The Belt and Road Initiative 2021 Survey – The impact of Covid‑19 on the BRI
The fourth annual Belt and Road Initiative survey reveals that the Covid‑19 pandemic has disrupted many projects despite China remaining committed to financing the initiative, which is expected to support future economic growth and environmental…