In open letter, civil society groups demand central bankers take immediate climate action.
that climate change impacts are outpacing authorities’ current efforts to address climate change financial risks. This is evidenced by escalating costs of physical risks and growing gaps in insurance coverage, among other things.Adopt a precautionary approach to risk mitigation, given climate change’s tipping points and unpredictable tail risks.
Alex Martin, Climate Finance Policy Director at Americans for Financial Reform Education Fund said: “Financial regulators have put in increasing effort in recent years to try to understand and better manage climate risk, but unfortunately, climate change is vastly outpacing their progress. Precious little time remains to get ahead of the risk as insurers flee vulnerable areas and banks respond in kind.
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