Climate-related risks: we didn't even start now is the time to step up

The statement critiques a survey by the Basel Committee's High-level Task Force on Climate-related Financial Risks (TFCR), noting that while 23 financial jurisdictions recognize climate change as a financial risk, most are only in the 'building knowledge' phase. It calls for the immediate exclusion of fossil fuel assets from refinancing operations and quantitative easing to mitigate systemic risks and stranded assets.

• A survey of 27 members and observers from 23 financial jurisdictions by the TFCR indicates that while climate-related risks are recognized as part of central bank and supervisor mandates, actual integration is lacking, with most activities limited to research and awareness raising.
• Current preparedness among financial actors is low, with 18 of 23 surveyed jurisdictions finding that the management of climate-related risks is in an early stage of development, and most respondents have not yet integrated risk mitigation into prudential capital frameworks.
• The author advocates for a precautionary approach to reduce financial flows to polluting assets, specifically recommending that central banks exclude fossil fuel assets from quantitative easing and refinancing operations.
• Coal, unconventional oil and gas, and all fossil fuel developments are identified as high-risk assets that are incompatible with climate goals and prone to becoming 'stranded assets'.

APA

admin (2020). Climate-related risks: we didn't even start now is the time to step up. Reclaim Finance. https://reclaimfinance.org/site/en/2020/05/14/climate-related-risks-we-didnt-even-start-now-is-the-time-to-step-up/

Chicago

admin. Climate-related risks: we didn't even start now is the time to step up. Reclaim Finance, 2020. https://reclaimfinance.org/site/en/2020/05/14/climate-related-risks-we-didnt-even-start-now-is-the-time-to-step-up/.

Wikipedia

{{cite press release |last1=admin |title=Climate-related risks: we didn't even start now is the time to step up |publisher=Reclaim Finance |date=14 May 2020 |url=https://reclaimfinance.org/site/en/2020/05/14/climate-related-risks-we-didnt-even-start-now-is-the-time-to-step-up/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2020climaterelated, author = {admin}, title = {{Climate-related risks: we didn't even start now is the time to step up}}, publisher = {Reclaim Finance}, year = {2020}, month = may, url = {https://reclaimfinance.org/site/en/2020/05/14/climate-related-risks-we-didnt-even-start-now-is-the-time-to-step-up/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }