for misleading investors by failing to disclose climate related risks in its 2016 annual report.
encourage financial institutions to be more transparent about their exposure to climate related risks.Network on Greening the Financial System The network’s aim is to promote effective environment and climate risk management in the financial sector. It also aims to mobilise mainstream finance to support the transition toward a sustainable economy. Its members recentlyThe creation of the network is an implicit acknowledgement that central banks and other financial sector regulators have not always paid adequate attention to the environmental impacts of the financial sector.
If central banks do not discriminate, financial institutions may continue financing activities that increase greenhouse gas emissions. This can raise the risk of droughts, floods, and more extreme temperature variability. This in turn can affect the quality and quantity of available land and water for producing food, and constructing new housing, education and health facilities. These factors can affect migration patterns, agricultural and other commodity prices.
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