UK To Target Finance Firms On Climate Compliance

By Najiyya Budaly (October 28, 2021, 12:33 PM BST) -- The Bank of England said on Thursday that it will target banks and insurers that do not cut their exposure to climate risks from 2022, as the country's finance regulators set out plans to protect the sector from extreme weather and move away from polluting companies.

The PRA has said it will begin supervising whether finance companies are meeting climate risk rules as it seeks to move away from polluting companies. (AP Photo/Martin Meissner) The Prudential Regulation Authority, the central bank's regulatory arm, said it will begin actively supervising whether finance companies are meeting climate risk rules in 2022.

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