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Banks, insurers should eschew 'brown' lending but shouldn't be penalized for it, Carney says

By Fiona Maxwell ( July 5, 2021, 15:46 GMT | Insight) -- Banks and insurers shouldn’t have to fear prudential punishment for continuing to lend to companies that don’t have a climate-change plan, but they’re likely to find themselves with unimpressed supervisors, former Bank of England governor Mark Carney told UK lawmakers today. "I don’t think it’s the role of the regulator to step in and provide a proxy for climate policy or a replacement for climate policy," he said, as this was reserved for legislators.Banks and insurers shouldn’t have to fear prudential punishment for continuing to lend to companies that don’t have a climate-change plan, but they’re likely to find themselves with unimpressed supervisors, former Bank of England governor Mark Carney told UK lawmakers today....

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