Responding to the Bank of England’s latest Financial Stability Report, Fran Boait, executive director of Positive Money said:
“While it is great that the Bank’s Financial Policy Committee has embraced the climate stress testing recommended by the recent Future of Finance review, the Bank of England still seems to be taking a ‘wait and see’ approach to irreversible climate breakdown.
“Action on climate change should not be contingent on stress testing. We don’t need to wait for the results of stress tests to know that banks continuing to pour billions into fossil fuels increases climate risk.
“The Bank of England can not afford to take any further delay in using the tools at its disposal to penalise investments in fossil fuels, consistent with how it treats other financial stability risks such as irresponsible mortgage lending.
“As the latest Financial Stability…