BoE’s FPC flags climate change financial stability risks
Extreme weather and transition to low-carbon economy bring risks
Climate change may not just bring extreme weather – it could create instability in the financial system as well, the Bank of England's (BoE) financial policy committee (FPC) has warned.
In the record of its March 24 meeting, published today, the FPC analysed climate change risks by dividing the issues into "physical risks" stemming from "catastrophic weather-related events", and "transitional risks" resulting from the transition to a low-carbon economy.
The FPC noted that the likely impact on
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