Financial firms are struggling to quantify climate-related risk, according to the sector watchdog the Prudential Regulatory Authority (PRA).

After analysing audit reports for 2021-2022, it wrote to firms in October highlighting key areas of note. Firms have taken action Read more

European banks are failing to assess climate risk properly in their loan books, according to the European Central Bank’s stress test.

In fact, only four in ten banks have a climate risk stress-testing framework. Most banks said they Read more

Earlier this year, storms Malik, Corrie, Dudley and Eunice, and the crisis in Ukraine demonstrated the weakness of the UK’s centralised energy supply. The UK’s infrastructure needs to be more environmentally sustainable to increase operational resilience to inevitable future Read more

The UK Government’s third climate report urged more action in eight key risk areas. In its most recent five-year assessment, it said even low warming scenarios could cost £1 billion per year to the economy.

“The UK will be Read more

European banks have failed a climate change risk test in first survey of the sector by the regulator European Central Bank.

Risk management at none of the banks was “close to aligning their practices with the supervisory expectations,” ECB Read more

This is the first time the IRM has published a guidance report focused solely on climate change for risk managers. This marks an important formal recognition of the importance of Environmental, Social and Governance (ESG) issues to global business Read more

Countries must plan and implement radical changes to their production and trade processes, according to the World Economic Forum (WEF). That’s because as as extreme weather events become more frequent, traditional ways of working could fail.

Taking action could Read more