Finance Watch, a public interest organisation in the field of financial services, submitted proposals to the European Commission on Wednesday 5 May to take account of climate risk in EU legislation governing prudential requirements for banks (CRR Regulation 575/2003) and insurers (Solvency II Directive 2009/138).
“Time is running short, as 10 to 15 years remain before the planet’s carbon budget is exhausted. People should not have to live with the threat of another financial sector...