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OSFI consultation on climate-related risks in the financial sector [ED]

Comment period ends April 12, 2021

Next steps:

OSFI will decide its next steps after the comment period expires on April 12, 2021

Last up­dated:

January 2021

Overview

    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.  

     

    Other developments

    January 2021

    On January 11, 2021, OSFI is­sued a dis­cus­sion pa­per on climate-related risks in the financial sector entitled, “Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks”.

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