OSFI releases updates to Guideline B-15: Climate Risk Management
Mar 20, 2024
On March 20, 2024, the Office of the Superintendent of Financial Institutions (OSFI) released Guideline B-15: Climate Risk Management updates.
The updates ensure that the expectations for federally regulated financial institutions (FRFIs) in the Guideline’s Annex 2-2 align with the International Sustainability Standards Board’s final IFRS S2 Climate-related Disclosures standard.
This streamlines climate disclosures and promotes transparency of climate-related risks.
OSFI is also releasing new Climate Risk Returns that will collect standardized climate-related data on emissions and exposures from FRFIs. These forms are being released after an extensive consultation. OSFI is also publishing a What We Heard Report with the feedback it received. The data provided will allow OSFI to implement evidence-based policy development, regulation, and supervision related to climate risks.
Access the press release on the OSFI’s website.
