Our response to climate change
We published an article in the June 2017 edition of our Quarterly Bulletin summarising the financial risks from climate change, and our strategy for responding to them. The article outlines the two core elements of the Bank’s response, motivated by its statutory objectives. The first involves promoting safety and soundness by enhancing the PRA’s approach to supervising the financial risks from climate change. The second involves enhancing the resilience of the UK financial system by supporting an orderly market transition to a low-carbon economy.
The Governor of the Bank of England, Mark Carney, and the executive sponsor of the Bank’s work in this area, Sarah Breeden, have discussed the financial risks from climate change, and the Bank’s response in various speeches