LONDON (Reuters) – Banks in Britain should take an “ambitious” approach to quantifying risks from climate change on their business or face intervention by regulators if they fall short, the Bank of England said on Wednesday.
Banks should also pay particular attention to how they incorporate climate-related risks into business strategies, decision-making and risk-taking, the BoE said in a letter to bank CEOs.
“Furthermore, we will keep a range of supervisory tools under review for use where we deem progress to be insufficient,” the letter said.
(Reporting by Huw Jones, Editing by Louise Heavens)
