The Reserve Bank of India (RBI) has introduced a draft climate risk disclosure framework. Aimed at bolstering the resilience of regulated entities, the framework underscores the growing imperative for robust risk management in the face of climate change challenges – which are expected to have significant impact on reporting entities and pose financial stability risks.
Following last week’s publication of EFRAG’s research conclusions on the status of climate-related risk reporting in financial statements, the International Accounting Standards Board (IASB) has announced next steps to follow up on recommendations.
In July 2021 the Financial Stability Board (FSB) released a comprehensive Roadmap, which aims to strengthen risk management practices and enhance financial system resilience to climate-related risks. It outlined key actions to be taken in four areas: firm-level disclosures, data, vulnerabilities analysis, and regulatory practices.
While we wait for the much-anticipated initial two standards from the International Sustainability Standards Board (ISSB), set to be released in Q2 2023, the board is considering additional transitional relief to support companies who will be implementing Standards S1 and S2.
The International Accounting Standards Board (IASB) has started a new project exploring how climate-related risk can be better outlined in financial statements.
The Bank of England is undertaking research into voluntary climate-related disclosures of UK financial institutions via machine learning. The research aims to understand asymmetries between firms and investors, look at how disclosure practices differ across firms, and to shed light on the decision of whether to make climate-related reporting mandatory.
The Financial Stability Board (FSB) has published a final report on supervisory and regulatory approaches to climate-related risks.
“The target for many of you is to achieve superior risk adjusted returns. For this you need reliable data and decision-making tools that allow you to incorporate emerging risks and opportunities into your portfolio allocation and risk management early on,” says Klaas Knot, Chair of the Financial Stability Board (FSB), in recent remarks to institutional investors.
In an interim report just issued for consultation, the Financial Stability Board (FSB) aims to assist supervisory and regulatory authorities in developing their approaches to monitoring, managing and mitigating stability risks arising from climate change, and to promote consistency across sectors and jurisdictions.
The US National Association of Insurance Commissioners (NAIC) has announced a new framework requiring insurance companies to report their climate-related risks, in alignment with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
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