Climate Change's ‘Physical Risks' Are Catching Up With Banks [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
increasingly having to pay attention to the financial implications of a rapidly-warming planet. The economic shocks inherent to the current trajectory of global warming may leave banks facing loan losses and impaired balance sheets. The Basel Committee on Banking Supervision has said climate change has the potential to affect “the safety and soundness of banks and the stability of the broader banking system.” Until recently, banks have mainly focused on what so-called transition risks mean for their underlying business. These risks are tied to changes in asset values and other costs associated with the decarbonization of the global economy. But as temperatures soar around the world, triggering a deadly cocktail of wildfires, storms and drought, banks are now being forced to pay greater attention to what are known as “physical risks.” The potential losses from extreme events and long-term changes in weather patterns are becoming more prominent, forcing the financial industry to
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