FSB Details Climate-Risk Next Steps

Today the FSB released an interim report on Supervisory and Regulatory Approaches to Climate-Related Risks.  Its recommendations will guide finalization of proposed climate-risk proposals from the OCC and FDIC (see FSM Report GREEN12) as well as pending proposals from the FRB; FedFin will shortly provide clients with an in-depth analysis.  Key recommendations include a more consistent approach across sectors and jurisdictions, cooperation and coordination, a standardized approach to reporting, and a systemic approach to supervision and regulation of climate risk.