What happened in climate-related financial regulation last month, and what’s coming up The Financial Stability Oversight Council (FSOC), the US’ top financial regulatory body, received an update on its member agencies’ efforts to combat climate-related risks at a meeting on July 28. The FSOC published a factsheet following the meeting outlining the “considerable progress” made advancing the panel’s recommendations on […]
Alex
Yes, the FSOC *is* a tool to address climate change
The regulatory body has an explicit duty to respond to emerging threats to the stability of the US financial system. Climate change is one such threat. US financial regulators have been playing catch up on climate risk for much of President Biden’s time in the White House. By some measures, they have made good progress since […]
What OSFI’s Draft Climate Risk Guideline Means for Canadian Financial Institutions
On May 26, Canada’s federal financial regulator released a draft guideline that outlines how nationally regulated financial firms should both manage and disclose their climate risks. As part of the draft guideline, the Office of the Superintendent of Financial Institutions (OSFI) lays out six climate governance and risk management principles, as well as six climate-related […]
How herd behavior could imperil the low-carbon transition
Financial stability risks could arise if banks and investors all take the same route to decarbonize their portfolios “When the herd moves, it moves.” UK Prime Minister Boris Johnson used this phrase in his July 7 resignation speech to describe how political support flooded away from him in the wake of one too many scandals. It is also […]
How the TCFD Stacks Up Against Other Sustainability Frameworks: A White Paper
There are plenty of sustainability frameworks for companies to adhere to when it comes to reporting their climate-related risks and opportunities. However, the Task Force on Climate-related Financial Disclosures (TCFD) ranks ahead of the others and is the gold standard when it comes to climate reporting. What are the most common sustainability frameworks? Our white […]
Money talks: How the emerging carbon market could help scale climate solutions
Your TCFD Journey in 3 Steps
The Task Force on Climate-related Financial Disclosures (TCFD) is a globally recognized framework that allows businesses to identify, manage, and respond to their climate-related risks and opportunities. The framework has broad buy-in from policymakers, world leaders, investors, and activists. Endorsed by the G20, many jurisdictions — including Canada, the US, and the European Union — […]
Homemade innovation: Canadian tech leaders share what drives them
Climate Change and Banks: How Banks are Building Climate Resilience
July 12th, 2022 Banks are under increasing pressure from investors, activists, and supervisors to develop climate risk management capabilities. They are also more focused than ever on climate risks and opportunities because of forthcoming regulations mandating reporting aligned with the Task Force on Climate-related Financial Disclosures (TCFD). In this discussion with Mary Obasi, Global Head […]
Has the backlash against financed emissions begun?
Climate finance tastemakers are pushing for financial institutions to put real-economy emissions reductions at the heart of their net-zero strategies “Financed emissions” are no longer in vogue. Last year, they were all the rage. The Net Zero Banking Alliance (NZBA), launched in April 2021, bounds its members together with a shared commitment to transition all the emissions […]