December 18, 2019 / 10:08 AM / a month ago

Bank of England to test climate risks at banks and insurers in 2021

LONDON, Dec 18 (Reuters) - Britain’s top banks and insurers will be tested together for the first time in 2021 to quantify the financial hit from climate change to their business, the Bank of England proposed on Wednesday.

But when the results are published in the second quarter of 2021 there will be no pass or fail mark, and no individual firm will be named, the BoE said in a discussion paper asking for industry feedback on its plans.

“Climate change will affect the value of virtually every financial asset,” BoE Governor Mark Carney said in a statement. (Reporting by Huw Jones, editing by David Milliken)

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