Topic: Climate risk

EU: ECON passes Basel implementation package with consolidated output floor

A key EU parliamentary committee has accepted adaptations to the final Basel III implementation, and opened the door for a potential future dedicated prudential framework that could include a “one-for-one” capital treatment for crypto and fossil fuel financing.

30 January 2023

Convergence on climate: Fed’s guidance mirrors OCC and FDIC

The Federal Reserve has emphasised consistency with other US regulators in its draft guidance for big banks’ climate-related risks, with an emphasis on scenario analysis.

08 December 2022

Fed names six banks for its “not a stress test” climate scenario exercise

Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo are set to undertake next year’s pilot climate scenario exercise with the Federal Reserve – but it’s definitely not a stress test, the central bank has insisted.

04 October 2022

Republicans lash out at “troubling” ESG trends at annual bank CEO hearing

The CEOs of the seven biggest US retail banks have faced questions over their ESG-focused initiatives and a spate of user account frauds at P2P network Zelle, in their annual grilling before the US Senate’s banking committee.

26 September 2022

EU plans to exclude banks from emission trading based on “unsubstantiated” claims, industry groups say

A group of industry bodies have raised the alarm over recent proposals in the European Parliament for reforms that would limit participation in the EU’s carbon emissions trading market, saying they would harm companies risk management, market liquidity, and increase capital needs.

22 September 2022

“It’s a little bit of a journey”: the road to climate transition

Panellists from two of the US’ largest regulators discussed the challenges of a US$150 trillion climate transition with representatives of the US Treasury and Goldman Sachs at the Bank Policy Institute-The Clearing House’s annual conference in New York.

15 September 2022

OCC hires New York DFS climate chief

The Office of the Comptroller of the Currency has named Yue Chen, who headed the New York financial regulator’s climate initiatives for two and a half years, to lead its newly-created climate risk office.

14 September 2022

White House mulling climate standards for energy-intensive crypto

US president Joe Biden’s administration has urged a closer look at the climate impact of crypto, as Ethereum prepares for a major change to its processes designed to slash its carbon footprint.

12 September 2022

EU sustainability reporting standard could mean “information overload”, consultees say

Sustainable investing groups have praised the EU’s draft Sustainability Reporting Standards, whose consultation period closed this week, but banking groups have called for a delay in implementation.

10 August 2022

Heating up: the race to regulate climate risk

As financial regulators move to expand their climate oversight of financial institutions, views on how far that supervision can go, and regulators' ability to directly regulate banks' carbon-intensive activities, are beginning to diverge between jurisdictions. GBRR asked practitioners and academics in the US, UK, European Union, Japan and Singapore to discuss whether and how regulators should get a handle on climate change.

01 August 2022

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