RBNZ Gov says working with other banks to understand climate change

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand April 16, 2019. REUTERS/Charlotte Greenfield/Files

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WELLINGTON, Sept 19 (Reuters) – Central Bank of New Zealand Governor Adrian Orr said on Monday the Reserve Bank of New Zealand was working with more than 110 central banks around the world to better understand and integrate climate considerations in their work.

“As the climate continues to change, well-being and prosperity are compromised. To achieve the Reserve Bank’s objective, it is important that we understand this context,” Orr said in a speech at a conference on climate change and business.

Orr added that financial stability is best maintained when all relevant risks are identified, priced and allocated to those best able to manage them.

“The climate impacts are here now, and the risks of other impacts are here to stay. But there’s still a lot of stuff under our control,” Orr said.

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Reporting by Lucy Craymer; Editing by Edmund Klamann

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