Bank of England to focus on financial resilience to climate change, says policymaker

© Reuters. FILE PHOTO: A man wearing a protective face mask walks past the Bank of England (BoE), after the BoE became the first major world’s central bank to raise rates since the coronavirus disease (COVID-19) pandemic, in London, Britain, December 16, 2021. REUTE

LONDON (Reuters) – The rise in demand for coal following Russia’s invasion of Ukraine is a setback to reaching a net-zero economy but will also help bolster investment in renewable energy, a Bank of England policymaker said on Tuesday.

“In light of this situation, the role for central banks and supervisors is to continue to help build resilience to climate-related financial risks, and in doing so they can also help support the transition,” Elisabeth Stheeman, member of the BoE’s Financial Policy Committee, said in a speech.