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How climate risk will reshape banking in Europe

TheBanker.com · last updated

Rémy Estran is managing director of EDHEC Scientific Climate Ratings and Camille Angué is deputy director of the EDHEC Climate Institute

From flash floods in Spain to wildfires in California, mortgage-backed securities have never been more exposed to physical climate risk. Financial institutions are increasingly on the front lines, facing immediate consequences such as collateral devaluations, rising loan impairments and mounting credit risk. Yet these episodes are soon forgotten: one news cycle chases the next, even as the financial scares persist.

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