Bank of England tells banks to take climate action now or face profit hit
Banks and insurers that fail to manage climate risks as a “first-order” issue could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England (BoE) said on Tuesday.
Climate change is hurting insurers, report says
Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday.
EXCLUSIVE Dutch bank ING ends financing for new oil and gas projects
ING Groep NV (INGA.AS) will no longer finance new oil and gas projects, its energy chief said, becoming the biggest bank yet to commit to such a step in the fight against climate change.
India’s Reliance intensifies green push with $80 bln investment in Gujarat
India’s Reliance Industries (RELI.NS) said it would invest 5.95 trillion rupees ($80.49 billion) to set up green energy projects and bolster its retail and telecom arms in the western state of Gujarat, as it targets net-zero carbon emissions by 2035.
Analysis: Biden’s regulatory agenda to take shape in 2022
Next year will be a turning point for U.S. financial policy as Democratic President Joe Biden’s new regulators ready a slew of rule changes that are set to create headaches for Wall Street and corporate America.
Analysis: Pandemic debt adds to challenge of funding world’s climate goals
Huge spending by governments kept the world economy afloat during the pandemic as officials mobilized a fiscal response not seen since World War Two to bolster household incomes and give businesses a fighting chance to survive the health crisis.
Risky business: Climate change turns up the heat on insurers, policyholders
Tony and Jhan Dunn never thought they would leave California, where they grew up, built a life together and planned to retire.
World leaders seek ways to strengthen global supply chains
U.S. President Joe Biden and 16 other world leaders on Sunday discussed action to make supply chains more resilient in the face of any future health crises, as well as climate change and even planned attacks.
World must triple clean energy investment by 2030 to curb climate change -IEA
Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said on Wednesday.
Sweden’s Vattenfall raises emission targets, eyes 2040 net zero goal
Swedish energy company Vattenfall (VATN.UL) said on Monday it increased its emission reduction goals for 2030 and brought forward its net zero target by 10 years to 2040, by phasing out coal and increasing wind and solar capacity.
