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Bank of England warns of crackdown on financing linked to climate risk
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The Bank of England has told banks and insurers it is prepared to use its powers to crack down on them if they fail to manage climate risks.
The warning came as the central bank begins to review a potential introduction of capital requirements linked to unsustainable assets.
The Bank said on Thursday it would take a more active approach to the climate crisis in the new year when City firms would have to demonstrate a good understanding and management of the related financial risks. Those lagging behind would face action by its regulatory arm, it said.
In a climate adaptation report released on Thursday the Bank’s Prudential Regulation Authority (PRA) said such action could include ordering a “skilled persons” review of offending firms that
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