Latest updates and key speeches
Latest updates
26 June 2025: The Bank published its Climate-related Financial Disclosure 2025, alongside its 2025 Annual Report. The disclosure sets out the Bank’s key climate-related developments in the year to 28 February 2025. It reports on: the climate risks, to which the Bank is exposed; the emissions associated with the Bank’s own financial and physical operations (considered a proxy for financial risk); and the Bank’s work on climate change in pursuit of its core mission
30 January 2025: The Prudential Regulation Authority published its Climate Change Adaptation Report (CCAR) 2025. The report sets out the response of the PRA to the risks posed by climate change to its operations and policy objectives in the period since October 2021, and outlines several areas of focus for the PRA in 2025.
30 July 2024: The Bank published its Climate-related Financial Disclosure 2024, alongside its 2024 Annual Report. The disclosure sets out the Bank’s key climate-related developments in the year to 29 February 2024. It reports on: the climate risks, to which the Bank is exposed; the emissions associated with the Bank’s own financial and physical operations (considered a proxy for financial risk); and the Bank’s work on climate change in pursuit of its core mission.
17 April 2024: The Bank published a Quarterly Bulletin that explores how central banks and financial institutions can use scenario analysis to measure climate-related financial risks. It focuses on how central banks and financial institutions can ‘extend’ macro-climate scenarios to undertake granular asset-level analysis of financial risks, drawing on examples from the Bank’s financial operations across sovereign bonds, corporate bonds and residential mortgages.
6 July 2023: The Bank published its Climate-related financial disclosure 2023 and Climate transition plan, alongside its 2023 Annual Report. The disclosure document reports on the Bank’s work on climate change in pursuit of its core mission, the climate risks it is exposed to and the emissions from its own physical and financial operations. The transition plan announces the Bank’s commitment to reduce greenhouse gas emissions from its physical operations to net zero by 2040 and sets out the Bank’s approach to achieve this.
22 March 2023: The Climate Financial Risk Forum (CFRF) held a symposium to celebrate the forum’s achievements over the past year through a varied programme of speeches and practical sessions. Highlights included speeches from Baroness Penn, HM Treasury Parliamentary Secretary; Richard Barker, International Sustainability Standards Board (ISSB) member; fireside chat between Sarah Breeden and Amanda Blanc, Aviva CEO; and discussion with working group representatives. The forum also completed the release of its third round of guides and other materials to help the financial sector address climate-related financial risks and opportunities. The forum is now in discussion about how to best to progress work in the fourth round.
13 March 2023: The Bank and the PRA published the report on climate-related risks and the regulatory capital frameworks. The report brings together key findings which have been informed by a range of sources – notably the research submitted to our call for papers and the discussions at the Climate and Capital conference in October 2022.
Recent speeches
9 May 2025: James Talbot discussed the channels through which climate shocks affect the economy, the trade-offs they can present for policy makers and why central banks need to better understand these risks.
9 January 2025: Sarah Breeden advocated for the integration of more sophisticated climate policy analysis into monetary policy work, given the mounting evidence that it matters for price stability.
25 April 2024: James Talbot discussed how central banks are working together to resolve the macroeconomic modelling challenge; and to develop analytical foundations to understand the macro impacts of climate change and the transition to net zero.
18 April 2023: Sarah Breeden said the UK is making good progress in turning aspiration into climate action. But she said we haven’t yet reached the point where we have the skills and tools that drive the right actions, given the unavoidably uncertain transition to net zero. Sarah emphasised that governments, business, finance and central banks all have unique roles in getting us there.
6 September 2022: In this speech, Sarah Breeden discussed nature-related financial risks, specifically exploring potential financial risks arising from the effects of nature loss. Sarah also outlined the need for collaboration between multiple stakeholders to address these risks.
8 June 2022: Stefan Claus spoke about how prepared the UK’s largest insurers are for the financial risks caused by climate change. Although recent tests show an improvement to risk management, there is still more to do to bridge gaps in available climate data.
24 May 2022: In this speech, Sam Woods discussed the findings of our Climate Biennial Exploratory Scenario (CBES) exercise, when the results were published.
7 April 2022: Sarah Breeden spoke about the economy balancing on the net-zero tightrope, emphasising the role of central banks in supporting it.
3 November 2021: At COP26, Andrew Bailey spoke about how we are helping to lay the foundations for a net-zero financial system.