The Basel III framework was developed by the Basel Committee on Banking Supervision to strengthen regulation and risk management of banks after the 2007-2009 global financial crisis. Though the framework has been effective in supporting global financial stability during the Covid-19 pandemic, it is unlikely to be sufficient for climate change.
The Basel framework largely focuses on strengthening liquidity and capital requirements. The framework design is based on historical data, which is not applicable to the increasing severity of climate change. The framework does not adequately provide recommendations on how banks can undermine financial stability and put countries into a negative macrofinancial loop...
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GRACELIN BASKARAN: Basel III weathered Covid-19 but now the climate heat is onDesign is based on historical data that is not adequate anymore for the increasing severity of global warming, writes Gracelin Baskaran ❤🙂💕
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