This includes data that can translate climate targets, and the transitions to low-carbon economies, into financial impacts. In the near term, our work is focusing on data gaps from the perspective of supervisors and policymakers. But I hope that the findings will also help to improve data about current and forward-looking risks for you, as investment managers.
Finally, there is the question of whether there is a need for a dedicated macroprudential  policy approach to climate risk. Microprudential tools alone may not sufficiently address climate-related risks, given the cross-sectoral, cross-border and systemic implications. This discussion is just beginning. The FSB encourages authorities and standard-setting bodies to undertake research and analysis on possible enhancements to their regulatory and supervisory frameworks.