The FSB roadmap for addressing climate-related financial risks has been developed to coordinate ambitious actions to assess and address these risks. Since the launch of the roadmap in July last year, progress has been made across all four of its building blocks: disclosures, data, vulnerabilities analysis, and regulatory and supervisory practices and tools.
Allow me to briefly elaborate on these four building blocks, stressing their interdependencies. Let me start with disclosures. Work to strengthen the quality and consistency of climate-related financial disclosures has been moving forward rapidly. The International Sustainability Standards Board (ISSB) has made very encouraging progress, building on the Task Force on Climate-Related Financial Disclosures’ (TCFD) Recommendations.