It is an undeniable fact that some elements in the framework are incapable of including information on these new risk factors. Take, for instance, the pre-set risk weights under the standard approach. 3/6  BIS - Central bankers' speeches  However – some elements in the framework can quantify and incorporate C&E risks whenever they materialize.
Take, for instance, the internal model parameters like Probability of Default or Loss Given Default. And some elements in the framework are already able to incorporate new information regarding climate-related risks. For example, before C&E risks materialize, External Credit Rating Agencies could take into account available and relevant information regarding environmental factors.