UK regulators provide further guidance on managing climate risks

A new series of guides to help financial firms manage climate-related financial risk has been published by the Climate Financial Risk Forum (CFRF) – the industry forum jointly convened by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The guides focus on risk management, scenario analysis, disclosure, innovation and climate data and metrics, and build on those published in June 2020 and are designed to help firms respond effectively to climate-related financial risks.

The report on climate data and metrics recommends five areas where climate-related metrics could be employed: transition risks; physical risks; portfolio decarbonisation; mobilising transition finance and engagement.

The Innovation Working Group (IWG) has focused on identifying and sharing practical opportunities to mobilise financial capital and steward an economy-wide transition to meet climate targets and the resultant briefing paper highlights the key points.

Sam Woods, (pic) CEO of the PRA commented: “The contribution provided by the forum is based on the development of best practice for industry, by industry. Building on the excellent foundation provided by the 2020 guide, the papers published today provide practical guidance on a multitude of issues to help firms manage the financial risks generated by climate change. These risks are unique and demand an ambitious and strategic response from firms, and the material published today should aid this effort.”

Nikhil Rathi, Chief Executive of the FCA added:  “These guides will help firms overcome some of the difficulties they’ve faced. Importantly, they also focus on innovation, so financial firms can see the opportunities, as well as challenges, from more effective climate-related financial risk management.”

Rathi said the guides will help firms and in particular, the risk appetite statements, online scenario analysis tool and the climate metrics dashboard, have been deliberately designed to enable firms to overcome the significant challenges that they have encountered in these areas.

For more information and to access the guides, click here.

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