OSFI launches consultation on climate-related risks in the financial sector

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Jan 11, 2021

On January 11, 2021, the Of­fice of the Su­per­in­ten­dent of Fi­nan­cial In­sti­tu­tions (OSFI) launched a three-month consultation with the publication of a discussion paper, “Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks”. The paper focuses on risks arising from climate change that can affect the safety and soundness of federally regulated financial institutions (FRFIs) and federally regulated pension plans (FRPPs). Comments are requested by April 12, 2021.

Through this consultation, OSFI is seeking to engage FRFIs, FRPPs and other interested stakeholders in a dialogue on climate-related risks. OSFI is interested in how FRFIs and FRPPs define, identify, measure and build resilience to climate‑related risks. OSFI is also seeking feedback on how it can facilitate FRFIs' and FRPPs' preparedness for, and resilience to, these risks. This input will guide the development of regulatory and supervisory approaches that meet OSFI's mandate of protecting depositors, policyholders and private pension plan beneficiaries while allowing institutions to compete and take risks.

Re­view the consultation material on the OSFI's web­site. 

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