MAS to drill deeper into climate risks for stress test on banks
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THE Monetary Authority of Singapore (MAS) will, within the next two years, incorporate climate-related scenarios in the annual stress test for the financial industry, said its managing director Ravi Menon.
The regulator's deeper dive into threats to the financial sector as a result of climate change comes amid associated transition risks. Up to an estimated US$20 trillion of assets across the energy, industry and building sectors globally could become stranded by 2050. And at a temperature rise of two degrees celsius, US$1.7 trillion of global financial assets could be at risk of a write-down in value.
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