RBNZ uses spurious argument for involvement in climate change

Deputy governor Christian Hawkesby said banks needed to look long term. (Image: NZME)

Thu, 03 Nov 2022

Deputy Reserve Bank of New Zealand governor Christian Hawkesby cited the fact that banks lend on 30-year mortgages as a reason why banks and their regulators need to focus on and plan for the impact of climate change.Hawkesby was answering a question about the Reserve Bank of NZ's (RBNZ) latest bank stress testing, which this year included its first climate-related test – banks were asked to test the likely impact of flooding from rising sea levels and from river and surface flooding.The central bank asked the banks to measure the exp...

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