BoE to Disclose Climate Risks in Annual Report
The Bank of England (BoE) is leading by example and disclosing its own assessment of how it is managing climate-related financial risk in its 2019/20 annual report.
The BoE have been pushing for stronger climate-change related risk disclosure with a number of actions in the last year, including a recent consultation on previous climate-related risk disclosure requirements leading to clarified requirements, and the launch of the Climate Financial Risk Forum (CFRF).
In an announcement at the Network for Greening Financial Services (NGFS) conference the bank’s Governor, Mark Carney, announced that the BoE would be disclosing how they plan to integrate climate related risks across its balance sheet and processes in line with the Taskforce for Climate-related Financial Disclosures’ (TCFD) framework.
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