Campaigners call on BoE to make collateral rules greener
Report says bank’s use of fossil fuel assets as collateral is adding to climate risks
A campaign group has called on the Bank of England (BoE) to reform its collateral framework to tackle climate risk.
Positive Money, which campaigns for reform of the banking system, published a report today (February 28) arguing that the current framework is biased in favour of carbon-intensive industries.
“In accepting fossil fuel assets as collateral against its lending, the Bank of England is essentially using the powerful tools at its disposal to provide a hidden subsidy to this sector,” Ellie
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