Climate stress tests are cold comfort for banks
Flaws in regulators’ methodology for gauging financial impact of climate change undermine transition efforts, argues modelling expert
July 22, 2024, was the hottest day ever recorded on Earth, data from the Copernicus Climate Change Service shows. Indeed, 10 of the hottest annual days have occurred in the past 10 years, continuing a pattern of rising global temperatures. Central banks and financial regulators are trying to understand how climate change and the shift to a carbon-free economy will affect economic and financial stability.
One of the tools that regulators have at their disposal is stress-testing. Banks and other
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