EU eyes financial stress tests over climate risks

BRUSSELS: The European Commission is considering stress tests and measures to force financial firms to raise their buffers against climate-change risks, the EU financial services chief said on Wednesday .

"That will mean assessing whether we need to make any regulatory changes to ensure better reporting and monitoring of climate-related risks," Dombrovskis said. This higher scrutiny could force insurers and other financial firms to increase their buffers against climate risks.The move would be part of a wider strategy to help the transition to a greener economy.

EU standards on what make a responsible investment and a green bond are under negotiation, and the bloc is considering phasing out funding of fossil fuel projects by its top financial arm, the European Investment Bank.

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