Bank of England gives banks 18 months to manage climate risks

LONDON (Reuters) – Banks and insurers in Britain must “fully embed” their approach to dealing with risks from climate change in their business by the end of 2021, Bank of England Deputy Governor Sam Woods said on Wednesday.

“There are some areas of our expectations where few barriers exist to full implementation, but we recognise that challenges remain in others,” Woods said in a letter to heads of banks and insurers.

“Where challenges exist we will work closely with firms to understand how they are seeking to overcome them.”

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