Topic: Climate risk

EBA opens climate-prudential discussion

The European Banking Authority has begun its discussion of how to capture climate risk in its prudential framework, in the face of opposition from an industry body calling it the “wrong tool for the right purpose”.

12 May 2022

“We are at a crossroads”: what’s next for regulation in the UK?

CityWeek’s 12th annual Financial Services Forum heard keynotes from the chief executives of the Financial Conduct Authority and Prudential Regulation Authority, along with discussions of the UK’s ambitions as a crypto hub and its potential for regulatory divergence post-Brexit.

09 May 2022

FSB urges expanded toolbox for addressing systemic climate risks

The Financial Stability Board has released its latest stock-take of regulatory efforts on the climate front – suggesting expanded use of scenario analysis and stress testing, more granular climate reporting requirements, and greater use of macroprudential tools by national regulators.

03 May 2022

Major US banks reject “first of their kind” shareholder climate resolutions

Shareholders at Bank of America, Citigroup and Wells Fargo have refused to back to climate proposals from activist investors requiring them to implement stricter fossil fuel financing policies.

27 April 2022

Japan’s FSA focuses on profit opportunities in new climate paper

Japan’s financial regulator has stopped short of proposing obligatory frameworks for risk disclosure and climate risk management in its draft plans for handling the climate transition.

27 April 2022

Commodities, cyber and climate: Global regulators warn of Russian invasion’s catalysing effects to existing risks

Regulators in the EU, Canada and the Financial Stability Board have all warned that Russia’s invasion of Ukraine war is exacerbating existing commodity market, environmental, and cyber security risks.

22 April 2022

Biden’s pick for Fed supervisor: how will industry react?

Michael Barr is the White House’s latest nominee for the Federal Reserve’s vice-chair for supervision, but practitioners say his views on the role of climate change in financial regulation may not be so different from ex-nominee Sarah Bloom Raskin’s.

20 April 2022

“Give order to the rules of the game”: Colombia unveils Latin America’s first government-led green taxonomy

Colombia’s government has become the first in Latin America to publish its own green taxonomy for the financial sector.

13 April 2022

EU banks set to disclose “adverse impacts” under new SFDR standards

The European Commission has become the latest body to address climate risk reporting at banks, less than a week after the ISSB issued its draft global standards for sustainability disclosures.

07 April 2022

ISSB issues draft global sustainability disclosure standards

The global climate finance standard setter, established by the IFRS at last year’s COP26 summit, has proposed its first climate related disclosure standards.

04 April 2022

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