Tackling climate-related risks is a top priority for the Financial Stability Board in 2016, chair Mark Carney has toldÂ G20Â finance ministers.
In a letter released on Saturday, Carney set out how the Basel-based regulator plans to address â€œnew and emerging vulnerabilitiesâ€ in the financial system. Climate change was one of five issues listed.
A crack teamÂ headed by Michael Bloomberg to shine a light on secret polluters will publish its objectives in April and make recommendations by the end of the year, he said.
Buffetted by the winds of change1
Another missive, penned by billionaire Warren Buffett to shareholders in his conglomerateÂ Berkshire Hathaway, illustrated what that vulnerability looks like.
Wind and solar power are chipping away at the value of traditional utilities like theÂ three Berkshire Hathaway owns, he acknowledged.
â€œToday, society has decided that federally-subsidized wind and solar generation is inÂ our countryâ€™s long-term interest. Federal tax credits are used to implement this policy, support that makesÂ renewables price-competitive in certain geographies. Those tax credits, or other government-mandated helpÂ for renewables, may eventually erode the economics of the incumbent utility, particularly if it is a high-costÂ operator,â€ Buffett wrote.
As governments worldwide seek to deliver on last yearâ€™s Paris climate deal, businesses â€“ and investors â€“ that arenâ€™t part of the solution could be in for a shock.
In the US, all eyes are on presidential primaries. Itâ€™s Super Tuesday this week, when 12 states chose which candidate they want to run for the Republicans and Democrats.
The latest polls put Donald Trump and Hillary Clinton ahead, making them well placed to secure the nominations â€“ although Tuesdayâ€™s caucuses wonâ€™t necessarily be decisive.
As the Democrats have been keen to highlight, all three Republican frontrunners reject the scientific consensus on climate change. In contrast, Bernie Sandersâ€™ attacks on the fossil fuel lobby have pushed Clinton into more climate hawkish territory.
Perhaps most intriguing from a climate perspective is the prospect of Bloomberg entering the race. Yes, he of the climate risk task force.Â The former New York mayor has hinted he might runÂ as a centrist independent if the two parties chose extremist candidates. A Bloomberg bid could force the GOP to engage more seriously with the issue.
From Paris to Brussels and London
Across the pond, EU environment ministers meet on Friday to consider the blocâ€™s post-Paris climate ambitions. Most member states have shown little appetite for upping their efforts in the short term, but the likes ofÂ SwedenÂ may push for a stronger response to the UN deal.
The UK governmentâ€™s independent advisers recommended no change to its carbon budget next decade, despite the tougher global goal agreed in Paris. On Tuesday morning, lawmakers in Westminster will grill industry experts on the topic.Â Those giving evidence include EnergyUK, a lobby group which has had a Damascene conversion to clean power, the Carbon Brief blog revealedÂ last week.
And on Friday, London mayoral candidates will be flaunting their climate credentials at the Greener London Hustings.
Fiji was the first to formally back the UN climate pact agreed in Paris, but other island states are following fast.Â Vulnerable to rising sea levels, they hope to sustain momentumÂ from Decemberâ€™s historic deal.
Palau ratified last week, with presidents of the Marshall Islands and Micronesia also promising swift rubber-stamping. If all 14 Pacific island states sign it off, that gets a quarter of the 55 countries needed to bring the deal into force.
In the Indian Ocean, the Seychelles cabinet has approved ratification and sent the matter to parliament.
Doom-mongers need not apply
World leaders have been invited to a signing ceremony in New York on 22 April and the UN is looking for a civil society speaker to inspire them.
The successful candidate should be from the developing world, but no sob stories, please. They want someone to â€œshare a compelling story of a new innovation or solutionâ€ that is cutting emissions or protecting people from climate damage.Â Apply by 16 March.