Featured Product

    BoE Conducts Poll on Climate Issues, Outlines Initiatives for 2021

    January 29, 2021

    BoE convened members of the public and businesses to join the climate change debate and conducted a poll on the climate change issues. In addition to the results of the poll, BoE published a briefing, from a session hosted by Sarah Breeden of BoE, targeting the BoE Agency contacts across UK. The briefing summarizes the actions BoE has taken so far in response to climate change and the work planned for 2021. It covers what this means for the banks and insurers BoE regulates and how this work could support businesses and households with climate transition. BoE plans to launch the Climate Biennial Exploratory Scenario in June 2021 and expects banks and insurers to fully embed the supervisory expectations on managing climate change risks by the end of 2021. The briefing also highlights that climate disclosures will become mandatory in UK by 2025.

    Ms. Breeden led two virtual events this month that were designed to increase understanding and engagement on the issue of climate change. The business leaders event, on January 14, 2021, was attended by more than 650 businesses that are contacts of the BoE’s network of Agents across UK. The Citizens’ Panel event, on January 26, 2021, saw nearly 70 members of the BoE Citizens’ Panels participate in a series of small discussion sessions and a Q&A with BoE staff:

    • A poll at the event for businesses exploring the main drivers for companies to take positive action on climate change revealed that more than half of respondents (52%) felt that the primary motivator for their business to transition to net-zero emissions was a "moral obligation." The other most popular responses were "commercial opportunities from the transition" (22%) and "regulatory or legal requirements" (20%). When asked to identify the biggest obstacle they faced in transitioning their businesses toward net-zero emissions, 38% pointed to a "lack of organizational capacity" and 27% cited a "lack of detail over government climate policy and regulatory barriers."
    • At the event for Citizens’ Panel members, participants discussed how climate change is affecting their day-to-day lives and how the financial sector can support them and businesses transition to net zero. Nearly half of those voting (52%) said that the main reason for supporting climate action was to "protect the environment." When asked what they felt was the main driver for organizations to take positive action, the most popular answer was regulatory or legal requirements (45%) and that "customers demand it" (36%).

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Climate Change Risk, ESG, Stress Testing, CBES, Disclosures, BoE

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280