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    DNB Sets Out Reporting Updates and Policy Actions on Climate Risk

    November 29, 2021

    DNB, the central bank of Netherlands, published an updated list of the additional data requests for banks. The updated and new data requests, which have been highlighted with the word "UPDATE" or “NEW” in red, include semi-recurring as well as ad hoc data requests to banks from DNB and European agencies. DNB also published draft questions and answers (Q&A) on compliance with the Sanctions Act for the screening of relationships by crypto service providers. In the draft Q&A, DNB further explains the meaning of the term "relationship" and the measures that institutions must take to check whether individuals or legal entities are subject to sanctions. DNB is requesting feedback on the draft Q&A by December 17, 2021.

    Additionally, on the occasion of the 2021 United Nations Climate Change Conference (COP26), DNB pledged to contribute, within its mandate, to decisive policy action to implement the Paris Agreement and mitigate the consequences of climate change. The pledge complements the Glasgow Declaration of the Network for Greening the Financial System or NGFS. DNB pledged that, in 2022, it will:

    • Develop an assessment framework that enables to better assess climate related risks at the institutions under its supervision, address these risks and use enforcement measures if needed
    • Assess if and how the CO2 emissions of the payment systems can be further reduced to work toward alignment with the Paris objectives
    • Work together with Dutch market infrastructure parties on best practices for climate-related risk management
    • Take steps, in the context of, and consistent with the Eurosystem, to include climate change considerations in the monetary policy framework
    • Explore how climate-related risks can be integrated into our macro-economic models
    • Use simulation tooling to calculate the direct impact of carbon pricing at sectoral level
    • Continue to advise the Dutch government on appropriate economic and financial policies to adapt to and mitigate climate change
    • Take further steps to align the carbon footprint of the DNB investment portfolio with the Paris Agreement

     

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    Keywords: Europe, Netherlands, Banking, Securities, Reporting, Q&A, Sanctions Act, Crypto Service Providers, Cryptocurrency, Climate Change Risk, ESG, Paris Agreement, NGFS, DNB

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