FSB calls for continued progress on disclosures on climate-related risks

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17 Oct 2022

The Financial Stability Board (FSB) has submitted to the G20 Finance Ministers and Central Bank Governors two reports as part of its work on addressing climate-related financial risks.

The reports are (1) a final report on supervisory and regulatory approaches to climate-related risks that aims to assist supervisory and regulatory authorities in developing their approaches to monitor, manage and mitigate cross-sectoral and system-wide risks arising from climate change and to promote consistent approaches across sectors and jurisdictions and (2) a progress report on climate-related disclosures, which takes stock of progress made over the past year by the new global standard-setter, by national and regional authorities and by firms.

The report on climate-related disclosures looks at:

  • the progress made by the International Sustainability Standards Board (ISSB) in developing its global baseline climate reporting standard and the work of other international standard-setters on assurance over sustainability-related reporting;
  • the progress made in the area of assurance, including the work of the International Auditing and Assurance Standards Board (IAASB), International Ethics Standards Board for Accountants (IESBA), and the work by the International Organization of Securities Commissions (IOSCO) to support the work on both disclosure and assurance standards; and
  • the progress made by jurisdictions on climate-related disclosure practices, including steps being taken by jurisdictions to prepare for adopting, applying or otherwise making use of the ISSB climate-related disclosure reporting standard.

The FSB also welcomes the publication of the 2022 status report by its industry-led Task Force on Climate-related Financial Disclosures (TCFD), which describes the further progress by firms in making TCFD-aligned disclosures.

Please click for the following additional information on the FSB website:


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