Banks face stress tests for climate change next yearBloombergTaiwan’s banks are to undergo mandatory climate-change stress tests for the first time next year to measure the impact of a range of possible environmental catastrophes on the lenders’ assets. The Financial Supervisory Commission plans to conduct the tests in the first half of next year with the results to be published in June. Climate change and government policies aimed at mitigating it are growing priorities for financial authorities around the world. The Bank of England last month warned that British banks and insurers could see climate-related losses of as much as ￡334 billion (US$419 billion) over the next three decades following the central bank’s first-ever stress tests. Taiwan stands to be particularly hard hit by unmitigated climate change.

Source: Taipei Times June 08, 2022 19:15 UTC