FSB letter to G20 Finance Ministers and Central Bank Governors stresses importance of climate-related financial disclosures
20 Mar 2017
In a letter to the G20 Finance Ministers and Central Bank Governors who met in Baden-Baden, Germany, on 17-18 March 2017, the Financial Stability Board (FSB) also identified new and emerging vulnerabilities that need to be adressed.
In this context, the FSB noted the work of the Task Force on Climate-related Financial Disclosures (TCFD) and added:
Access to better quality information on climate-related financial risks is essential to enable market participants to better understand and manage these risks. Without the necessary information, market adjustments to climate change could be incomplete, late and potentially destabilising.
The FSB pointed out that the TCFD issued a consultation document with recommendations on climate-related disclosures in December 2016 that would be followed by June 2017 (and thus in time for the July G20 meeting in Hamburg) by the final report offering "a solution by the market for the market".
Please click to access the full letter on the FSB website.