July 11 (Reuters) – International monetary regulators want a joint effort to handle climate-related monetary dangers, the chair of the Monetary Stability Board stated on Sunday, urging the physique tasked with setting disclosure requirements to “press ahead as rapidly as doable.”
Randal Quarles, who can also be the Federal Reserve’s Vice Chair for Supervision, additionally known as for a global effort to develop complete and comparable knowledge on climate-related dangers, together with higher info on the hazards of maximum climate occasions to enterprise, financial institution and family steadiness sheets.
“Globally constant, comparable, and dependable disclosures, in addition to a broader set of high-quality, related knowledge, collectively, can present the premise to evaluate climate-related monetary dangers and the impression on monetary stability,” Quarles stated in remarks ready for supply to the Venice Worldwide Convention on Local weather Change.
Amongst efforts the FSB is spearheading, Quarles stated, is coordinating work with international central banks on the monetary metrics helpful for state of affairs analyses, an method to assessing financial institution threat to local weather stressors underway in some international locations however that faces political resistance in america.
The FSB, which coordinates monetary guidelines for the G20 group of countries, earlier this week launched a “local weather roadmap” to assist get worldwide regulators on the identical web page so far as objectives and milestones towards higher managing climate-related dangers. (Reporting by Ann Saphir; Enhancing by David Gregorio)