<div>Global banking regulators agreed to focus more on understanding the financial risks posed by climate change on May 13, despite some opposition from the United States, Reuters reported.</div>
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<div>The oversight body of the Basel Committee on Banking Supervision convened to review its climate-related financial risk initiatives and decided to prioritise understanding the financial impact of extreme weather events, according to a statement by the Bank for International Settlements.</div>
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<div>This decision comes as policymakers in Europe and the US debate the role of climate change in central bank policy. In Europe, policymakers have doubled down on efforts to address climate-related risks, with the European Central Bank (ECB) making management of climate risks a key priority, while the US efforts have been scaled back.&nbsp;</div>
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<div>The group of central bank governors and heads of supervision, which make up the oversight body of the Basel Committee on Banking Supervision, also plans to release a voluntary framework for climate-related financial risks for jurisdictions to consider.</div>
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<div>While the Basel Committee has no international authority or enforcement powers, its work on climate sets international standards which have a strong influence on national rule-making.</div>
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<h2><span>US takes a step back</span></h2>
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<div>While European and British regulators are moving forward with integrating climate risks into bank supervision, the US regulators like the Federal Reserve have taken a more cautious approach.&nbsp;</div>
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<div>Recently, the US has seen significant pushback, with US President Trump and other Republican leaders criticising climate-focused policies. In a notable move, the Fed withdrew from the Network of Central Banks and Supervisors for Greening the Financial System in January, and the US Treasury Department has also backed away from climate principles for banks.</div>
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<div>Analysts predict that the US regulatory bodies, including the Federal Deposit Insurance Corporation, may follow suit and pull out of these joint climate agreements in the near future.</div>
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<div>(<em>With inputs from agencies</em>)</div>

Business & Economy: The Basel Committee has placed a significant focus on evaluating the financial repercussions of extreme weather events in its climate risk strategies.

Global banking regulators agreed to focus more on understanding the financial risks posed by climate change on May 13, despite some opposition from the United States, Reuters reported. The oversight body of the Basel Committee on Banking Supervision convened to review its climate-related financial risk initiatives and decided to prioritise understanding the financial impact of extreme weather events, according to a statement by the Bank for International Settlements. This decision comes as policymakers in Europe and the US debate the role of climate change in central bank policy. In Europe, policymakers have doubled down on efforts to address climate-related risks, with the European Central Bank (ECB) making management of climate risks a key priority, while the US efforts have been scaled back. The group of central bank governors and heads of supervision, which make up the oversight body of the Basel Committee on Banking Supervision, also plans to release a voluntary framework for climate-related financial risks for jurisdictions to consider. While the Basel Committee has no international authority or enforcement powers, its work on climate sets international standards which have a strong influence on national rule-making. US takes a step back While European and British regulators are moving forward with integrating climate risks into bank supervision, the US regulators like the Federal Reserve have taken a more cautious approach. Recently, the US has seen significant pushback, with US President Trump and other Republican leaders criticising climate-focused policies. In a notable move, the Fed withdrew from the Network of Central Banks and Supervisors for Greening the Financial System in January, and the US Treasury Department has also backed away from climate principles for banks. Analysts predict that the US regulatory bodies, including the Federal Deposit Insurance Corporation, may follow suit and pull out of these joint climate agreements in the near future. (With inputs from agencies)

Global banking regulators commit to addressing climate risk work

<p>Renowned musicians have partnered with the international advocacy organisation Global Citizen to urge leaders to take action against poverty and climate change. Top artists like Billie Eilish, Coldplay and Shawn Mendes have joined hands with the organisation for an open letter calling on governments, private sector leaders and billionaires to take urgent action against poverty and climate change.<br />
<br />
With the onset of COVID19, it is quite evident that the pandemic has been instrumental in hampering global progress to overcome poverty in our lifetimes. The World Bank estimates that nearly 100 million more people have been pushed into extreme poverty in recent years.As per Billboard, the lengthy note, which is a part of Global Citizen`s End Extreme Poverty Now campaign, demands world leaders make immediate, meaningful change on points such as "breaking systemic barriers that keep people in poverty," taking climate action now, and "empowering young women and girls across the world."<br />
<br />
This letter was published at the opening ceremony of Global Citizen NOW, the organization`s first leadership summit held in New York City on Sunday, May 22.<br />
<br />
The two-day event features over 200 speakers from the fields of advocacy, activism, philanthropy, journalism, politics, science and pop culture.<br />
<br />
Other artists and celebrities who have signed the letter include 5 Seconds of Summer, Adam Lambert, Alessia Cara, Alok, Bill Nye, Billy Porter, Camilo, Cathy Freeman, Charlie Puth, Chloe x Halle, Connie Britton, Criolo, Cyndi Lauper, DJ Cuppy, Duran Duran, Ebuka Obi-Uchendu, Femi Kuti, Finneas, Hugh Jackman and Deborra-Lee Furness, Lali, Lang Lang, Made Kuti, MANESKIN, Muzi, Nancy Isime, Nile Rodgers, Nomzamo Mbatha, Padma Lakshmi, Rachel Brosnahan, Ricky Martin, Sabrina Elba, and Tropkillaz.&nbsp;</p>


Renowned musicians have partnered with the international advocacy organisation Global Citizen to urge leaders to take action against poverty and climate change. Top artists like Billie Eilish, Coldplay and Shawn Mendes have joined hands with the organisation for an open letter calling on governments, private sector leaders and billionaires to take urgent action against poverty and climate change.

Renowned musicians have partnered with the international advocacy organisation Global Citizen to urge leaders to take action against poverty and climate change. Top artists like Billie Eilish, Coldplay and Shawn Mendes have joined hands with the organisation for an open letter calling on governments, private sector leaders and billionaires to take urgent action against poverty and climate change. With the onset of COVID19, it is quite evident that the pandemic has been instrumental in hampering global progress to overcome poverty in our lifetimes. The World Bank estimates that nearly 100 million more people have been pushed into extreme poverty in recent years.As per Billboard, the lengthy note, which is a part of Global Citizen`s End Extreme Poverty Now campaign, demands world leaders make immediate, meaningful change on points such as "breaking systemic barriers that keep people in poverty," taking climate action now, and "empowering young women and girls across the world." This letter was published at the opening ceremony of Global Citizen NOW, the organization`s first leadership summit held in New York City on Sunday, May 22. The two-day event features over 200 speakers from the fields of advocacy, activism, philanthropy, journalism, politics, science and pop culture. Other artists and celebrities who have signed the letter include 5 Seconds of Summer, Adam Lambert, Alessia Cara, Alok, Bill Nye, Billy Porter, Camilo, Cathy Freeman, Charlie Puth, Chloe x Halle, Connie Britton, Criolo, Cyndi Lauper, DJ Cuppy, Duran Duran, Ebuka Obi-Uchendu, Femi Kuti, Finneas, Hugh Jackman and Deborra-Lee Furness, Lali, Lang Lang, Made Kuti, MANESKIN, Muzi, Nancy Isime, Nile Rodgers, Nomzamo Mbatha, Padma Lakshmi, Rachel Brosnahan, Ricky Martin, Sabrina Elba, and Tropkillaz.

Billie Eilish, Shawn Mendes, Coldplay sign Global Citizen letter calling for action against poverty

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Global banking regulators commit to addressing climate risk work

Billie Eilish, Shawn Mendes, Coldplay sign Global Citizen letter calling for action against poverty