Sep 26 2018, 10:43 PMSep 28 2018, 5:56 AMSeptember 26 2018, 10:43 PMSeptember 28 2018, 5:56 AM
Just 10% of UK banks are taking a long-term “strategic” approach to climate change, while 60% are focussing simply on the next three to five years, according to a Bank of England (BoE) survey. However, the majority of lenders are now treating global warming in the same way as other financial risks, rather than simply in terms of corporate social responsibility. The BoE warned that a “too little, too late” response could see “the most severe financial risks crystallizing in the banking sector”. The Bank also stated that the window for an orderly low-carbon transition “is finite and closing”.