On 13 March 2023, the Bank of England (the Bank) published its latest report on climate-related risks and the regulatory capital frameworks for banks and insurers (the Report).
The Report summarises the Bank’s current thinking and the conclusions from work to date, including in the areas highlighted as needing further analysis in the Climate Change Adaptation Report (CCAR) of October 2021 published by the Prudential Regulation Authority.
The Report touches on capability gaps identified in the CCAR as well as any gaps in the current prudential regulatory regime in respect of estimating and addressing climate risks.
For further information, please contact:
Benedict James, Partner, Linklaters