The challenge for the cross-border community will be to work closely with emerging market economies to help them build this infrastructure in ways that work for them. Wading in and saying, “do it our way” won’t work. The process will involve continuous interaction and adaptation and may well result in better functioning economies in the so-called developed world, as well.
We could start with a modular approach, first addressing the governance issues before going into the technical topics. Fifth, banks need to make progress in methods and practices for assessing climate changerelated risks. Yes, it is about governance in banks – whether these types of risk are fully embedded in the risk management framework. But it is about risk assessment techniques, too.