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Bank of England tells banks to take climate action now or face slashed profits

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Reuters UK

By Huw Jones and Andy Bruce LONDON (Reuters) – Banks and insurers which fail to properly manage climate risks could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England said on Tuesday. In its first comprehensive stress test of how Britain’s financial system’s will cope with climate change and stresses from the shift to a net zero-carbon economy by 2050, the BoE said action now would lower future costs. Banks and insurers would be able to manage the costs of moving to a net-zero economy if they act now – or else costs will mount, including for customers,…

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