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Bank Watchdogs Flag Near-Term Risks of Delaying Climate Efforts
Pushing back plans to transition to a zero-carbon economy could raise economic costs and risk financial stress as soon as the next five years, according to a global group of central banks and regulators.
The Network for Greening the Financial System, or NGFS, issued the warning as it unveiled a new tool to assess the impact of climate shocks and policy shifts in the near term, adding to its established long-term models.