Specialised and generalised engagement seen as effective agents of change.
A new IOSCO taskforce will work to identify commonalities across sustainability disclosure standards from across the world to develop principles-based guidelines.
A new NGFS workstream being created will identify missing data items needed for effective climate-related and environmental risk analysis.
The initial focus areas of the partnership will include green bonds, the fintech ecosystem, e-KYC and cybersecurity, the SEC and UK government said.
The voluntary code allows central banks to measure transparency, which the IMF says is necessary to facilitate accountability and enhance public trust and support.
Multiple layers of uncertainty on the course of climate change give rise to a lack of consistent data and methodologies for translating potential outcomes into financial exposure estimates.
The derivatives market can contribute in the transition towards a low-carbon economy, due its ability to facilitate capital-raising via the hedging of risks related to sustainable investments.
Incoming rules from the EU, UK, Singapore and Hong Kong highlight the need for banks to gain a better understanding of the third party and supply chain risks their customers face.
By end-2021, financial firms will have to be able to demonstrate that their approaches to managing climate-related financial risk have been implemented and embedded in their organisations.
Subscribe to our free weekly newsletter below and never miss a story.