The Bank of England in the City of London. The central bank conducted a stress test on the effects of failing to address climate risks on 19 British-based banks. Photo: EPA
Climate risks could cut profits at HSBC, Standard Chartered and other banks by 15 per cent, Bank of England says
- British banks could suffer US$281 billion in credit losses by 2050 if the transition to net zero is delayed a decade, stress test by central bank shows
- Insurers could see their total market value shrink by 15 per cent under the worst-case scenario
The Bank of England in the City of London. The central bank conducted a stress test on the effects of failing to address climate risks on 19 British-based banks. Photo: EPA
