2015年-FSB全球金融稳定委员会_Disclosure_task_force_on_climate_5页_174kb

Summary of the Proposal for a Disclosure Task Force on Climate-Related Risks

Core Content

On 24 September 2015, the Financial Stability Board (FSB) convened a public-private sector meeting in response to a G20 request from April of the same year. The meeting highlighted the need for better understanding of the financial stability implications of climate-related risks. Based on these discussions, the FSB proposed the establishment of an industry-led disclosure task force to develop voluntary, consistent climate-related disclosures that would help stakeholders such as lenders, insurers, investors and public authorities to assess and manage climate risks.

Main Risks Identified

The proposal outlines three broad categories of climate-related risks that could affect the financial sector:

• Physical risks: These include the impacts of climate and weather events (e.g., floods, storms) on insurance liabilities and the value of financial assets.
• Liability risks: These involve potential future claims from parties affected by climate change, which could create liabilities for carbon emitters and their insurers.
• Transition risks: These arise from the shift towards a lower-carbon economy, including changes in policy, technology and market conditions, which could lead to re-pricing of assets and affect financial stability.

Currently, risk management in the financial sector is most advanced in the general insurance and reinsurance industries, where climate risks are already incorporated into catastrophe risk models and capital standards.

Role of Disclosure

Improved climate-related risk disclosures are essential for:

• Enhancing understanding and analysis of climate risks.
• Supporting a smooth transition to a low-carbon economy.
• Enabling financial institutions and stakeholders to assess the credibility of firms’ transition plans.
• Facilitating informed investment, credit, and insurance decisions.
• Encouraging firms to disclose their exposure to climate risks and how they manage them.
• Providing data for systemic analysis by authorities to assess financial stability risks.

Existing Initiatives

There are over 400 climate or sustainability disclosure schemes globally, covering a wide range of stakeholders and approaches. These schemes vary in scope, from greenhouse gas emissions disclosure to broader environmental, social, and governance (ESG) considerations. While many initiatives exist, they often lack consistency and comparability, making it difficult for stakeholders to use the information effectively.

Characteristics of Effective Disclosures

The proposal emphasizes that effective climate-related disclosures should be:

• Consistent across industries and sectors.
• Comparable to allow for peer assessment and risk aggregation.
• Reliable to ensure trust in the data.
• Clear to make complex information accessible.
• Efficient, minimizing costs while maximizing benefits.

These characteristics should guide the task force in developing disclosure principles and recommendations.

Proposed Way Forward

The FSB proposes a two-stage process for the task force:

1. First stage: Identify the scope and objectives of the task force, including the types of firms to be covered, target users of disclosures, and the importance of aggregating data for financial stability.
2. Second stage: Develop voluntary disclosure principles and leading practices, based on the findings from the first stage and informed by existing international standards such as those from IOSCO and the G20/OECD.

The task force should draw on existing initiatives, consult with international bodies, and engage in public consultation and outreach to ensure broad stakeholder involvement. It should also consider whether to focus on carbon emissions or include other climate-related exposures, such as physical or legal risks.

Key Deliverables

The task force is expected to produce the following deliverables:

• A stock-take of existing climate-related disclosures.
• An analysis of the needs of users (e.g., insurers, investors, public authorities).
• An identification of gaps in current disclosures and challenges in achieving consistency, reliability, and efficiency.
• Development of common disclosure principles or recommendations, if a case for enhanced international consistency is identified.

Conclusion

The proposed task force aims to promote transparency and informed decision-making in the financial sector by developing voluntary, consistent climate-related disclosures. It would build on the success of the Enhanced Disclosure Task Force (EDTF), while addressing the more complex challenges of climate risk disclosure. The task force should be internationally diverse and take into account the balance of costs and benefits in its recommendations, with a focus on materiality and forward-looking information.