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MNI BRIEF: Climate Risk To Global FinStab Underestimated - FSB

(MNI) LONDON
(MNI) London
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Climate change may be a greater threat to financial stability than is commonly understood, according to a Financial Stability Board report published Tuesday, with many risk assessment exercises failing to capture substantial risks such as abrupt asset price corrections or to translate into micro- or macro-prudential policy action.

The joint FSB-Network for Greening the Financial System (NGFS) report calls for greater cross-border cooperation and progress on bridging data gaps, particularly at global level.

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Climate change may be a greater threat to financial stability than is commonly understood, according to a Financial Stability Board report published Tuesday, with many risk assessment exercises failing to capture substantial risks such as abrupt asset price corrections or to translate into micro- or macro-prudential policy action.

The joint FSB-Network for Greening the Financial System (NGFS) report calls for greater cross-border cooperation and progress on bridging data gaps, particularly at global level.

Keep reading...Show less