Bank of England's new stress tests lack teeth, plus what next on the Biden infrastructure plan

Plus: The G7 pledge to spend in poor countries won't be enough to overcome local demand for fossil fuels.

. . . . The Bank of England ordered climate stress-testing for banks and insurance companies Wednesday as the UK became the second European country to do so, but it held back from mandating the tests be used to impact capital requirements, a key component of eventually reducing climate risk from the financial sector.

The testing, which followed a stress …