THE deputy governor of the Central Bank of Ireland (CBI) has said that directors of regulated financial firms now need to start providing evidence that they are "meaningfully" considering climate change risks. In a lunchtime address to the Institute of Directors, deputy governor for prudential regulation, Ed Sibley, said that the CBI would "become increasingly active and intrusive in its approach to the supervision of climate change risks". He said that from now on board members would need to provide evidence to regulators that they were incorporating climate change into risk management models and business stress tests. Mr Sibley said it was clear that the macro-prudential policy, economic advice, financial stability, and consumer and investor protection implications of climate change put it firmly in the bailiwick of central banks and regulators. He attributed the limited engagement by business leaders on climate change to an in-built optimism about the future that needed to be challenged.

Source: Irish Independent February 17, 2021 15:33 UTC