Featured Product

    Mark Carney of BoE to be Financial Adviser for UN Climate Conference

    January 16, 2020

    The BoE Governor, Mark Carney, has been appointed by the Prime Minister as the Finance Adviser for COP26 (the UN Climate Change Conference) to help build a sustainable financial system to support the transition to a net zero economy. This will be complementary to his role as the United Nation’s Special Envoy for Climate Action and Finance. His key focus will be mobilizing ambitious action from across the financial system needed to help achieve the 1.5°C goal of the Paris Agreement. This will include building the frameworks for financial reporting, risk management, and returns to bring the impact of climate change to the mainstream of private financial decision making and to support the transition to a net zero economy.

    Meeting the goals agreed in the Paris Agreement requires a fundamental shift in the global economy. The financial sector will play a critical role in achieving commitments to net zero. A sustainable financial system can accelerate and smooth the transition to a net zero economy by funding private sector initiatives and amplifying the effectiveness of government climate policies. Central banks can help build the foundations so that the financial sector can both manage the risks and seize the opportunities around climate change. By doing that, financial markets will amplify the effects of climate policy by pulling forward the necessary adjustments. 

    Among other tasks, the Prime Minister’s Finance Adviser for COP26 will support the refinement of disclosure standards for climate-related financial risks and define pathways to mandatory reporting. He will work toward enhancing management of climate-related financial risks by defining scenarios for banks and insurers to assess the resilience of firms’ strategies to the transition to net zero and by working with the Network for Greening the Financial System (NGFS) to roll out climate stress test scenarios so that other supervisors can stress test their own jurisdictions. The Adviser is also tasked with empowering consumers with disclosures on whether their investments are consistent with the path to net zero and on working with the Task Force on Climate-related Financial Disclosures (TCFD) and the private sector to develop a reporting standard. Another responsibility will be mobilizing Innovative Finance to support the transition by developing markets, such as green and transition bonds, and by reviewing the scope for improvements in the availability of insurance against climate policy risks.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Climate Change Risk, Mark Carney, ESG, Disclosures, Reporting, UN Climate Change Conference, BoE

    Featured Experts
    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    News

    HKMA Publishes Guideline on Sustainable Finance Grant Scheme

    HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.

    May 09, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6959