BoE’s Breeden urges financial firms to run climate scenarios before ‘time runs out’
Firms need to re-examine risk models to ensure all transmission channels are considered
Financial firms need to integrate climate scenario analysis as part of their usual risk management, according to a senior official from the Bank of England.
Sarah Breeden, executive director at the BoE, said during a speech on May 18 that financial firms were “significantly underestimating the potential impacts” of climate events.
“They need to run climate scenarios as part of business-as-usual risk management and embed climate risk management within day-to-day decision-making. Time is running
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