Basel Committee publishes framework for voluntary disclosure of climate-related financial risks
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Basel Committee publishes framework for voluntary disclosure of climate-related financial risks

  • The Basel Committee has published a voluntary framework for disclosing climate-related financial risks for jurisdictions to consider.
  • The framework incorporates flexibility to account for evolving climate-related data.
  • The Committee will monitor relevant developments, including implementation of other reporting frameworks and disclosure practices by internationally active banks.
The Basel Committee on Banking Supervision has published today its , which includes both qualitative and quantitative information. The Committee has agreed this framework will be voluntary in nature, with jurisdictions to consider whether to implement it domestically. The Committee acknowledges that the accuracy, consistency and quality of climate-related data are evolving, and therefore it is necessary to incorporate a reasonable level of flexibility into the final framework. The Committee also recognises that multiple quantitative metrics and qualitative information may be needed to form a comprehensive picture of banks’ exposure to climate-related financial risks. Users need to consider the disclosures holistically, understanding the strengths and shortcomings of the disclosed information. The Committee will monitor relevant developments, including implementation of other reporting frameworks and disclosure practices by internationally active banks in member jurisdictions, and consider whether any revisions to the framework would be warranted in future.

Basel Committee publishes framework for voluntary disclosure of climate-related financial risks
https://www.bis.org/press/p250613.htm#:~:text=The%20Basel%20Committee%20has%20published,for%20evolving%20climate%2Drelated%20data.

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