LONDON - French banks and insurers should speed up their response to climate change, France's banking regulator said on Tuesday, after publishing what it called the world's first climate-related stress test of banks.

Other financial watchdogs around the world will also be conducting similar tests on the finance industry to help to reduce the impact of climate change on economies. Banks and other finance companies will have to disclose to investors the impact of climate change on their balance sheets under proposed European Union rules.