The FSB’s roadmap for addressing climate-related financial risks aims to ensure that climate risks are properly reflected in all financial decisions. It covers disclosures, data, vulnerability analysis, and regulatory and supervisory approaches. Because there are no international standards in place yet, not least relating to disclosures, we have an enormous opportunity to get this right from the start. We should not miss it.
It is important to act early to address these big transformational issues in the global financial system. Experience has taught us that global financial stability risks, like so many other global issues, are often best dealt with using a globally consistent approach.