Climate change losses could hit $20tr, warns Bank of England

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By Bill Thornhill
15 Apr 2019

Estimated losses in the transition to a low carbon economy could top $20tr, according to a speech delivered on Monday by the Bank of England’s Sarah Breeden. The warning was delivered as the UK’s Prudential Regulation Authority published a new supervisory statement on plans to enhance banks’ and insurers’ management of risks from climate change.

Speaking at the Official Monetary and Financial Institutions Forum in London on Monday, Breeden, the Bank’s executive director of international banks supervision, said the BoE had begun planning for climate change. She likened the economy and financial system to a super-tanker rather than a high speed catamaran.

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