News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Economics

Why the Bank of England’s climate stress tests show HSBC’s Stuart Kirk had a point

The Bank’s tests aren’t exactly scary for investors, with banks and insurers set to weather the storm of climate risk

Why the Bank of England’s climate stress tests show HSBC’s Stuart Kirk had a point
Photo: Getty Images

The financial system faces an “existential threat” from climate change. That was according to a Guardian report of a statement three years ago by Mark Carney, then governor of the Bank of England, at least.

Carney didn’t quite say that. But he and other central bankers have certainly given that impression. His successor Andrew Bailey has stated that the risks from climate change will be bigger and more complex to manage than those from the financial crisis.

WSJ Logo