Climate Change Capital
European Systemic Risk Board Warned of Carbon Risk
Last week, John Fullerton added his signature to a letter Ben Caldecott of Climate Change Capital drafted to the European Systemic Risk Board. The aim is to collect signatures from academics, politicians, financiers and investors, raising the issue of the exposure of European financial institutions to carbon-intensive sectors and the potentially adverse impact on the financial health of investing institutions, with serious consequences for the function of the financial system possible. A similar letter was recently addressed to Mervyn King, governor of the Bank of England. (See the draft letter here.)
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