Global regulators published a detailed checklist for banks on Wednesday to assess how climate change affects all aspects of their business, including pay and capital, as economies set carbon reduction targets.
International banks like Goldman Sachs, Deutsche Bank and HSBC will be expected to examine whether they are quantifying risks from climate change properly despite sometimes patchy data and time horizons that go well beyond traditional risk assessments and remuneration packages.
"The board and senior management should consider whether the incorporation of material climate-related financial risks into the bank’s overall business strategy and risk management frameworks may warrant changes to its compensation policies," Basel said. Members of the committee, which include regulators from the United States, Europe, China and Japan, are expected to apply the new guidance as soon as possible, and Basel will monitor compliance.
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