Quantcast
Channel: The Harvard Law School Forum on Corporate Governance
Viewing all articles
Browse latest Browse all 91

The Basel Committee’s Initiatives on Climate-Related Financial Risks

0
0
Posted by Kevin Stiroh, Federal Reserve Bank of New York, on Tuesday, November 17, 2020
Editor's Note: Kevin J. Stiroh is Executive Vice President of the Federal Reserve Bank of New York. This post is based on his recent public statement.

Thank you for the invitation to participate in the 2020 IIF Annual Membership Meeting. I am pleased to share my perspective regarding the current regulatory and policy initiatives in the area of sustainable finance. My remarks are being made in my capacity as co-chair of the Task Force on Climate-related Financial Risks (TFCR), which is part of the work of the Basel Committee on Banking Supervision. I should note that my prepared remarks and subsequent comments made as part of the panel discussion may not necessarily reflect the views of the Basel Committee or its members, or those of the Federal Reserve System or the Federal Reserve Bank of New York.

The Basel Committee’s mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. It is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. As part of its work, the Committee exchanges information on developments in the banking sector and financial markets to help identify current or emerging risks for the global financial system.

The Committee noted that climate change may result in physical and transition risks that could potentially impact the safety and soundness of individual financial institutions and have broader financial stability implications for the banking system.

(more…)


Viewing all articles
Browse latest Browse all 91

Latest Images

Trending Articles





Latest Images