Speech by Sarah Breeden

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“Ethical Markets fully supports the climate activism now at the Bank of England, and making climate risk disclosure mandatory and urges all companies, banks, insurers and asset managers to act now to assess their own risks and to fully disclose them by 2021. This is the type of pressure we have advocated for years, since not addressing these climate risks will mean that the global shift to renewables and circular economies, may entail transition risks to financial markets that are avoidable (see our Green Transition Scoreboard® reports at www.ethicalmarkets.com)

We credit Mark Carney for his prior leadership of BoE and the TCFD which spearheaded climate risk disclosures. As futurists, we are also gratified that our basic methodology: scenario analysis is advocated by TCFD and is now adopted at last by many economists! (see for example my scenario, co-authored with physicist Fritjof Capra, published widely in many languages in March, 2020 “PANDEMICS: Lessons Looking Back From 2050“).

Time for all asset managers to open up their algos and check for obsolete assumptions!

~Hazel Henderson, Editor“

Leading the change: climate action in the financial sector

Speech by Sarah Breeden

1 July 2020

Sarah Breeden is the Bank’s executive sponsor for work on climate change. As part of London Climate Action Week 2020, Sarah delivered a speech at a UK Finance web event on how the Financial Sector can draw on the recent work of the Bank, Climate Financial Risk Forum (CFRF), and Network for Greening the Financial System (NGFS) to move beyond rhetoric and help make climate action a reality.

Read the full speech

 

Also published today

Letter from Sam Woods ‘Managing climate-related financial risk – thematic feedback from the PRA’s review of firms’ SS3/19 plans and clarifications of expectations’