“We believe that they can best contribute to this task in a role that we dub the five Cs: contribute to coordination to combat climate change. This coordinating role would require thinking concomitantly within three paradigmatic approaches to climate change and financial stability: the risk, time horizon and system resilience approaches,” says the report. “Contributing to this coordinating role is not incompatible with central banks, regulators and supervisors doing their own part within their current mandates. “This coordination task is urgent since climate-related risks continue to build up and negative outcomes could become irreversible. Climate change, the driver of the increased frequency and intensity of weather-related disasters, already endangers health and economic outcomes, and not only in the directly affected regions,” says the Washington-based organisation.

Source: The Edge Markets March 02, 2020 03:22 UTC