“What is clear is that if it stays in a blind spot, there will be a painful wake-up call,” he said in an interview.
Banks that underestimate the financial fallout of the climate crisis are exposing themselves to regulatory and investor backlash that includes bigger capital requirements and more lawsuits, according to a senior official at the Bank of France.
Jean Boissinot, deputy director for financial stability at the French central bank, says precedents are now being set that offer a glimpse of the legal risks banks face if they downplay climate change.
