Climate action to have ‘limited impact’ on financial system, EU finds

Quick Summary:

The stress test assumed financial groups kept a “static balance sheet” with little ability to take mitigating actions.

They also only considered the benefit of hedging for banks and not for other financial groups and did not take into account the share of losses that would be absorbed by policyholders.

The results were published as negotiations to tackle climate change and transition away from fossil fuels continued at the UN COP29 summit in Baku this week amid fears that Donald Trump’s US election victory could put the brakes on the green movement.

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Article Details

Author / Journalist: Martin Arnold

Category: MarketsFinanceInvesting

Markets: United States

Topics: European Losses Stress System Financial Test Climate Cent Regulators Change Emissions

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-19 @ 11:56:34 (10 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 601 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23696502

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Official Website: ft.com

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