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    CMF Sets Out Strategy for Addressing Climate Change Risk

    September 25, 2020

    CMF published a report on its strategy for addressing climate change. As part of its strategy, CMF aims to promote the disclosure of risks associated with climate change, facilitate the development of a green financial market, and integrate climate risks into prudential supervision. To achieve these objectives, CMF has set up a work plan that it will execute in the short, medium, and long term.

    The work plan on climate change includes the following:

    • Creation of a Working Group for Climate Change (GTCC) for the development of a strategic initiative for climate change
    • Participation in the Green Public-Private Finance Committee of the Ministry of Finance and in the work carried out by IOSCO, IAIS and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
    • A plan to promote the disclosure of information through regulatory amendments, as stated in the public consultation of General Rule No. 386
    • Development of a plan to facilitate a green financial market, collaboration with other national authorities to develop a classification of economic activities consistent with international standards, and a study (by GTCC) on both international standards and the local market to detect potential gaps and trends
    • Integration of climate risks into prudential supervision by identifying, in the short term, the international best practice framework for climate risk assessment, monitoring, and management based on the partnerships built by CMF, especially with its NGFS peers 

     

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    Keywords: Americas, Chile, Banking, Climate Change Risk, ESG, Sustainable Finance, NGFS, Disclosures, Taxonomy, Stress Testing, CMF

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