unepfi-非洲金融部门的气候风险监管和相关私营部门举措（英）-2021.11-45页_1mb

Summary of Climate Risk Regulation in Africa's Financial Sector and Related Private Sector Initiatives

Core Content

This report, prepared by the African Development Bank (AfDB), the Global Center on Adaptation (GCA), and the UNEP Finance Initiative (UNEP FI), provides a baseline study on the integration of climate risk into financial sector regulatory frameworks across selected African countries. It outlines the current status of climate risk regulation, the perspectives of regulators and private sector players, and outlines potential actions for stakeholders to enhance climate risk management in the financial industry.

Main Objectives and Scope

The study aims to evaluate how climate-related risks are being integrated into prudential, financial, regulatory, and supervisory frameworks in selected African countries. It also identifies potential levers to encourage the internalisation of climate risk considerations. The report does not explore broader green/sustainable finance initiatives like green bonds or sustainability principles, but rather focuses on regulatory and supervisory approaches to climate risk.

Key Insights

1.1 Climate Risk Context and Prioritization

• Africa is highly vulnerable to climate change: Half of the 10 countries most affected by climate change are in Africa, with extreme weather events such as rising temperatures, droughts, and floods already impacting lives and livelihoods.
• Climate risks are becoming a top priority: 82% of the 11 financial sector authorities interviewed consider climate risk a high or very high priority.
• Challenges remain: Most authorities have not yet issued binding regulations for climate risk management, and there is a lack of data, internal capabilities, and international standards.

1.2 Regulatory and Supervisory Approaches

The countries in the study can be grouped into three archetypes based on their regulatory and supervisory approaches:

1. Established: Countries with binding or draft regulations on climate risk. Examples include:

   • Kenya: The Central Bank of Kenya (CBK) issued Guidance on Climate-Related Risk Management in October 2021, which is binding and requires compliance.
   • Mauritius: The Bank of Mauritius (BoM) published draft Guidelines on climate-related and environmental risks in September 2021, also binding.

2. Emerging: Countries that have implemented principle-based regulations or engaged with industry practices. Examples include:

   • Egypt: Published ESG and TCFD disclosure requirements in March 2021.
   • Morocco: Bank Al-Maghrib (BKAM) issued non-binding best practice guidance on climate risk disclosure.
   • Ghana, Nigeria, South Africa, and Zimbabwe: Implemented various non-binding measures such as disclosure standards and stress tests.

3. Initiating: Countries that have not yet started integrating climate risks into their regulatory actions but are engaging through international or national collaboration. Examples include:

   • DRC, Rwanda, Tunisia
   • UMOA members

1.3 Preferred Measures and Implementation

• Non-binding measures are preferred: Despite their preference, non-binding measures are not widely implemented.

• Key non-binding actions:

  • Awareness campaigns (100% of authorities consider it very relevant)
  • Sharing best practices (82% of authorities consider it relevant)
  • Publishing aggregate climate risk assessments (64% of authorities consider it relevant)
  • Defining a taxonomy for economic activities (64% of authorities consider it relevant)

• Binding measures:

  • Minimum disclosure standards (as per TCFD recommendations)
  • Specific regulations and supervisory guidelines

Key Challenges

• Lack of data and capabilities (82% of authorities)
• Absence of international standards and common methodologies (73% of authorities)
• Limited implementation of stress tests and data repositories

Collaboration and Technical Assistance

• Collaboration is seen as a key enabler: Authorities and private sector players are collaborating through international platforms like the NGFS and SBFN.
• Private sector initiatives: Many institutions are proactively addressing climate risks, often in anticipation of regulatory actions. Examples include:
  • Adoption of TCFD recommendations
  • Engagement in global initiatives like the Net-Zero Banking Alliance (NZBA)
  • Participation in national industry initiatives such as the Kenya Bankers Association Sustainable Finance Initiative
• Capacity-building programs: The AfDB's "train the trainers" program aims to develop a pool of experts who can support climate risk management across the continent.

Outlook and Recommendations

• Stakeholders should consider:
  • Building internal capabilities and supporting private sector players through training and knowledge sharing.
  • Improving data access and quality, including the establishment of central data repositories.
  • Developing stress test models and scenario analyses for both supervisory and institutional purposes.
  • Implementing mandatory disclosure standards aligned with TCFD recommendations.
  • Supporting regulatory development through technical assistance.
  • Encouraging financed entities to adopt climate risk management practices.

Conclusion

The report underscores the growing importance of climate risk management in Africa's financial sector and highlights the need for both regulatory and private sector initiatives to address the increasing materiality of climate risks. While some countries have taken significant steps, the majority are still in the early stages of integration. The report suggests that continued collaboration, capacity building, and alignment with international standards will be critical for the effective management of climate-related risks in the region.