Latest news with #climate risks
Bloomberg
3 days ago
- Business
- Bloomberg
ECB Said to Warn Credit Agricole of Possible Fine Over Climate
The European Central Bank has told France's second-largest lender that it's among firms that may be fined after failing to meet the supervisor's expectations for managing climate risks, according to people familiar with the matter. Credit Agricole is contesting the so-called periodic penalty payment and a final decision has yet to be made on whether the fine will stand, said the people who asked not to be identified disclosing confidential information.
News24
14-07-2025
- Business
- News24
G20's financial watchdog lays out climate plan but presses pause amid divisions
The G20's financial stability watchdog delivered a new plan on how to tackle climate risks on Monday, but paused further policy work amid a retreat by the United States that has tested efforts to advance a united financial policy on climate-related risks. The US has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability. In its medium-term plan, the G20's Financial Stability Board pledged to step up coordination and data sharing on climate-related financial risk. However, it said while progress had been made to integrate climate risks into financial systems, some of its members, who include central bank governors and ministers, were keen to pause further climate work. "While many members feel there is a need for more work, some members feel that the work completed to date is sufficient," the FSB said in an update to its 2021 climate roadmap delivered to G20 finance ministers meeting in South Africa. "Going forward, the FSB will ... make determinations about what projects, if any, it will undertake." US Treasury Secretary Scott Bessent was set to skip the G20 meeting, Reuters reported last week. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year. The FSB said it would continue to consider climate-related topics each year and would focus on its role as a coordinator of international work on climate risks. The watchdog said it did not have plans to do any more significant policy work on integrating climate-related financial risks into its supervisory and regulatory work. Work on this topic is ongoing at many of its member institutions, it said. READ | EU unveils long-delayed 2040 climate target - with wiggle room Earlier this year, the FSB published work on the usefulness of transition plans for financial stability and in 2024 presented a stocktake of supervisory and regulatory work on nature-related financial risks. "Rather than identifying such vulnerabilities a priority for further work, the FSB will leave that decision up to its annual work programme process," it said in the report. The report detailed progress made since 2023 by international standard setters and global banking regulators like the Basel Committee on climate disclosure. It also set out efforts to provide forward-looking data to help banks and companies quantify economic losses from climate shocks such as heatwaves.
CNA
14-07-2025
- Business
- CNA
G20's financial watchdog lays out climate plan but presses pause amid divisions
LONDON: The G20's financial stability watchdog delivered a new plan on how to tackle climate risks on Monday (Jul 14), but paused further policy work amid a retreat by the United States that has tested efforts to advance a united financial policy on climate-related risks. The US has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability. In its medium-term plan, the G20's Financial Stability Board pledged to step up coordination and data sharing on climate-related financial risk. However, it said while progress had been made to integrate climate risks into financial systems, some of its members, who include central bank governors and ministers, were keen to pause further climate work. "While many members feel there is a need for more work, some members feel that the work completed to date is sufficient," the FSB said in an update to its 2021 climate roadmap delivered to G20 finance ministers meeting in South Africa. "Going forward, the FSB will ... make determinations about what projects, if any, it will undertake." US Treasury Secretary Scott Bessent was set to skip the G20 meeting, Reuters reported last week. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year. The FSB said it would continue to consider climate-related topics each year and would focus on its role as a coordinator of international work on climate risks. The watchdog said it did not have plans to do any more significant policy work on integrating climate-related financial risks into its supervisory and regulatory work. Work on this topic is ongoing at many of its member institutions, it said. Earlier this year, the FSB published work on the usefulness of transition plans for financial stability and in 2024 presented a stocktake of supervisory and regulatory work on nature-related financial risks. "Rather than identifying such vulnerabilities a priority for further work, the FSB will leave that decision up to its annual work programme process," it said in the report. The report detailed progress made since 2023 by international standard setters and global banking regulators like the Basel Committee on climate disclosure.
Yahoo
14-07-2025
- Business
- Yahoo
G20's financial watchdog lays out climate plan but presses pause amid divisions
By Virginia Furness LONDON (Reuters) -The G20's financial stability watchdog delivered a new plan on how to tackle climate risks on Monday, but paused further policy work amid a retreat by the United States that has tested efforts to advance a united financial policy on climate-related risks. The U.S. has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability. In its medium-term plan, the G20's Financial Stability Board pledged to step up coordination and data sharing on climate-related financial risk. However, it said while progress had been made to integrate climate risks into financial systems, some of its members, who include central bank governors and ministers, were keen to pause further climate work. "While many members feel there is a need for more work, some members feel that the work completed to date is sufficient," the FSB said in an update to its 2021 climate roadmap delivered to G20 finance ministers meeting in South Africa. "Going forward, the FSB will ... make determinations about what projects, if any, it will undertake." U.S. Treasury Secretary Scott Bessent was set to skip the G20 meeting, Reuters reported last week. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year. The FSB said it would continue to consider climate-related topics each year and would focus on its role as a coordinator of international work on climate risks. The watchdog said it did not have plans to do any more significant policy work on integrating climate-related financial risks into its supervisory and regulatory work. Work on this topic is ongoing at many of its member institutions, it said. Earlier this year, the FSB published work on the usefulness of transition plans for financial stability and in 2024 presented a stocktake of supervisory and regulatory work on nature-related financial risks. "Rather than identifying such vulnerabilities a priority for further work, the FSB will leave that decision up to its annual work programme process," it said in the report. The report detailed progress made since 2023 by international standard setters and global banking regulators like the Basel Committee on climate disclosure. It also set out efforts to provide forward-looking data to help banks and companies quantify economic losses from climate shocks such as heatwaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
10-07-2025
- Business
- Bloomberg
BOE's Breeden Warns G-7 Bond Prices at Risk from Climate Change
Bank of England Deputy Governor Sarah Breeden said some asset prices are already starting to reflect growing climate risks, warning that extreme shocks could speed up that process. Breeden, who oversees financial stability for the central bank, pointed to sovereign and corporate bond prices as evidence of such assets, according to the text of a speech due to be delivered at the Annual Chapman-Barrigan lecture in London on Thursday. However, current prices don't fully account for risks emerging from net zero transition efforts or, in their absence from extreme weather events, she added.
