The BOE says funding for climate change will cost billions

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(Bloomberg) – The Bank of England says UK banks and insurers will face climate-related losses in the next three decades, ranging from 0 210 billion to 40 340 billion. By 6

The UK central bank says the financial system is well-established to absorb those losses, although many of them will go to consumers in the worst case scenario, with the poorest people in society suffering the most.

The results were outlined in the bank’s first stress test to assess how the financial services industry will cope with efforts to move the economy away from fossil fuels and towards clean energy. Prime Minister Boris Johnson’s government is at the forefront of global pressure to curb climate-harmful greenhouse gas emissions.

“Climate change will inevitably hurt banks and insurers, even in situations where governments around the world act swiftly and quickly,” said Sam Woods, chief executive officer of the BOE’s Prudential Regulation Authority, which oversees banks and insurers, in a stress test on Tuesday. With the speech has been published.

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