UN climate risk chief calls for shorter-term stress tests

But banks say heavy modelling demands will take time to respond to adequately

Climate change

Climate stress tests need to set shorter shock scenarios in order to ensure they feed through into management decisions, according to a financial sector climate risk expert at the United Nations.

“I’m not saying what happens in 30 years does not matter to a financial institution, but it is just not presently seen as a priority by senior leadership, who are focused on nearer-term issues,” said David Carlin, head of climate risk at the United Nations Environment Programme Finance Initiative.


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