Bank of Canada announces a plan to prepare for climate shocks

Categories: News
Published on: November 22, 2019

National Observer / Carl Meyer / 21 November 2019

The Bank of Canada says it wants to develop ways to stress-test how the country’s financial system will hold up against the possibility of punishing future scenarios borne by the climate emergency.

The initiative is part of a broader research agenda on climate change, announced this week by Bank of Canada senior deputy governor Carolyn A. Wilkins during a speech in Montreal.

“The Bank is devoting analytical firepower to understanding how climate risks are shaping the macroeconomy and financial system,” Wilkins said.

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