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By Jeremy PAGES, Senior Manager Kevin VENTURA, Manager at Deloitte Luxembourg
In recent years, companies and financial institutions are becoming increasingly exposed to climate-related risks, as anticipated by the Task Force on Climate-Related Financial Disclosures (TCFD) in December 2016(1). The bankruptcy of PGE following the 2019 Californian wildfire is just one example.
Recent flooding events have shown Luxembourg is not immune to these risks, and the international nature of its financial center further exposes it to external risks around the world. Nonetheless, in its 2021 Stability Review, the Central Bank of Luxembourg stated banks and investment funds’ current exposures show that the development of “low-carbon” investment...
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