Climate risk gets the right kind of oversight AntonyMCurrie
A group of 34 central banks and multilateral organizations on April 17 published recommendations for how financial institutions and policymakers can better manage environmental and climate-related risks.
In its first comprehensive report since being founded in December 2017, the Network for Greening the Financial System suggested central banks integrate climate-related risks into financial-stability monitoring and micro-supervision; integrate sustainability into managing their own portfolios; bridge data gaps on climate-related issues; and build awareness of and intellectual capacity on climate risks, and encourage technical assistance and sharing knowledge.
The group’s two other recommendations encourage policymakers to push for robust, internationally consistent climate- and environment-related disclosures, and to support the development of a “taxonomy of economic activities.” Mark Carney and Francois Villeroy, governors of the Bank of England and the Banque de France, and NGFS Chair Frank Elderson summarized the group’s thinking in an open letter also published on April 17.
Also on April 17, the Bank of England, a member of the NGFS steering committee, said it would disclose how it manages financial risks from climate change. It will publish its first assessment next year as part of its 2019/2020 annual report.
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