Hong Kong banks must step up preparedness for extreme climate events and carbon policy changes, stress test finds

//Hong Kong banks must step up preparedness for extreme climate events and carbon policy changes, stress test finds

Hong Kong banks must step up preparedness for extreme climate events and carbon policy changes, stress test finds

Hong Kong banks need to step up their preparedness for risks arising from extreme climate events such as flooding and typhoons, as well as policy changes related to carbon emissions.The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, last week issued the result of its first climate risks related stress test conducted on 27 banks in January 2021, and found that flooding and typhoons represented a major risk for the lenders.“The banks project that the more intense climate…

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By | 2022-01-03T11:40:23+00:00 January 3rd, 2022|Business|Comments Off on Hong Kong banks must step up preparedness for extreme climate events and carbon policy changes, stress test finds