The UK’s financial regulators are finally taking action to address the profound risks that climate change poses to the firms they supervise, and the system they oversee. But in our response to the Financial Conduct Authority’s recent climate change discussion paper, we argue they must rapidly accelerate their efforts before it’s too late.

As a major report from senior central bankers last year made clear, “climate change will affect the global economy and so the financial system that supports it. The financial risks it presents are in consequence system-wide and potentially irreversible if not addressed.” Both the physical damage from weather and shifts in technology and policy have the potential to reverberate through the global economy, with destructive results.

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