CFTC Commissioner Insists US Takes Climate Change Seriously
Bank’s Move to Support Liquidity as New Market Develops.
The Asia-Pacific region has an important role to play in addressing global ESG concerns, panelists at PRI’s APAC Digital Symposium opined.
This month, 12 financial institutions will commence a pilot to implement a principles-based taxonomy for classifying climate risk, one of a number of initiatives to build climate resilience.
If approved by Parliament, the new comply-or-explain climate risk disclosure regime could come into effect in 2023 at the earliest.
A new IOSCO taskforce will work to identify commonalities across sustainability disclosure standards from across the world to develop principles-based guidelines.
The report calls on financial regulators to move “urgently and decisively” to measure, understand, and address the risks climate change poses to the US financial system.
The action plan outlines a series of targeted measures and an implementation timetable to improve corporate governance at banks and insurers.
APRA will prioritise the safety and soundness of regulated institutions, operational resilience and contingency planning for adverse events.
The classification reflects securities firms’ governance structures, risk management capabilities, continuous compliance status, and business development status.
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