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By Matthew Scott, Julia van Huizen and Carsten Jung
Climate change, and society’s responses to it, present financial risks which impact upon the Bank’s objectives. These risks arise through two primary channels: the physical effects of climate change and the impact of changes associated with the transition to a lower-carbon economy.
The Bank’s response has two core elements. First, engaging with firms which face current climate-related risks, such as segments of the insurance industry. Second, enhancing the resilience of the UK financial system by supporting an orderly market transition.
Forming a strategic response to the financial risks from climate change helps ensure the Bank can fulfil its mission to maintain monetary and financial stability, both now and for the long term.
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