More than 60 academics from across the UK, Europe, and the US have today called on the Bank of England to decarbonise its monetary operations and integrate climate change risk criteria across its operations.
In a joint letter published in The Financial Times this morning, the academics praised the Bank's work to date on climate change and low carbon finance, highlighting its steps last month to warn banks and insurers they could be failing to price in climate-related financial risks into their investments. However, they point out that the Bank of England (BofE) is itself "exposed to those very same financial risks and needs to act accordingly". The letter urged the bank to "lead by example" and become the first European central bank to reflect climate-related financial risks in its moneta...
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