While a lot of ink has been spilled over central banks’ fight against inflation, one development that may have slipped under the radar is progress with climate stress testing. In the past quarter, both the European Central Bank and the Bank of England undertook major exercises to judge the preparedness (and vulnerability) of their financial sectors to climate risk.
 A giant leap for US climate regulation? By Emma McGarthy and Taylor Pearce In what has proved to be President Joe Biden’s biggest legislative victory to date, the much-disputed Inflation Reduction Act allocates $369bn for spending on climate and clean energy and could cut US net greenhouse gas emissions to 31%-44% below 2005 levels by 2030. Â
 MEETINGS International standards for sustainable finance: Europe’s place in the vanguard Thursday 15 September, Conference OMFIF is hosting a conference in Frankfurt to examine how the European Union can strengthen its sustainable finance competitive process, with a special emphasis on Germany and Luxembourg. Â
 ON DEMAND ECB and climate risk supervision Christoffer Kok, head of the stress test modelling division of the European Central Bank’s directorate general for macroprudential policy and financial stability, joins OMFIF to discuss the results of the bank’s supervisory climate risk stress test, approaches taken and lessons learnt.Â
 LATEST REPORT Sustainable Policy Institute Journal In the summer edition of the journal, contributors lay out why the ‘S’ in ESG is becoming a priority for investors and why social and human rights issues are taking centre stage.