Wall Street may be underestimating an important risk metric

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Wall Street may be underestimating an important risk metric - Economic Times

Quick Summary:

A study by Climate X highlights that while banks collect data on climate risks, few adjust their financing accordingly.

Some of Wall Street’s biggest banks may be underestimating a risk metric that shows how they’ll fare in a world that’s rapidly being transformed by higher temperatures, extreme weather shocks and soon-to-be obsolete business areas.

Kennedy also highlighted the bank’s “footprint across emerging markets” and noted that “around 90% of our markets are coastal.” Against that backdrop, Standard Chartered is “actively looking at adaptation across the bank, alongside solutions for the wider market,” he said.