Ride a Green Swan: central banks grapple with climate risk

Source(s)
Thomson Reuters

By Mark John

LONDON - The world's top central bankers agreed on Friday they had a clear role to play in tackling climate change and stepped up calls for banks, companies and others to be required to declare their exposure to the looming crisis.

A three-day "Green Swan" conference - its name a twist on the "black swan" theory on major systemic shocks - brought together heads of the world's top central banks, policy-makers, academics and business.

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Nobody was under the illusion that efforts so far to re-tool the financial system were anywhere near helping the world meet the Paris Agreement goal of capping temperature rises to 1.5 degrees above pre-industrial levels.

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A major theme was the inadequacy of current data on the exposure of financial and corporate players to climate change risks and the need to enforce better reporting.

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