The Bank's Response to Climate Change

13 Pages Posted: 20 Jul 2017

Date Written: June 16, 2017

Abstract

Climate change, and society’s responses to it, present financial risks which impact upon the Bank’s objectives. These risks arise through two primary channels: the physical effects of climate change and the impact of changes associated with the transition to a lower-carbon economy.

The Bank’s response has two core elements. First, engaging with firms which face current climate-related risks, such as segments of the insurance industry. Second, enhancing the resilience of the UK financial system by supporting an orderly market transition.

Forming a strategic response to the financial risks from climate change helps ensure the Bank can fulfil its mission to maintain monetary and financial stability, both now and for the long term.

Suggested Citation

Scott, Matthew and Van Huizen, Julia and Jung, Carsten, The Bank's Response to Climate Change (June 16, 2017). Bank of England Quarterly Bulletin 2017 Q2. Available at SSRN: https://ssrn.com/abstract=3004461

Matthew Scott (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Julia Van Huizen

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Carsten Jung

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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