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US Financial Regulators Moving ‘Very Fast’ to Take on Climate Change
WASHINGTON Financial regulators around the world are rushing to implement models to measure the financial risk arising from climate change. Central banks including the Federal Reserve may soon begin to implement climate stress tests of banks, which may limit financing for industries such as mining, oil, and gas.
The world’s largest central banks are pondering how to promote green financing, as they seek to introduce regulatory frameworks to “mobilize” more money for green and low-carbon investments.
Critics, however, argue that the proposals to introduce climate stress tests aim to “defund the fossil fuel industry” and steer funds to “fashionable but unprofitable investments.”