Legal & Regulatory News

Bank of England publishes information on 2021 Climate Biennial Exploratory Scenario

On 23 April 2021, the Bank of England updated its stress testing webpage with information on the 2021 Climate Biennial Exploratory Scenario (CBES) for participating firms. The CBES will cover risks to the UK financial sector from climate change, and will be launched in June 2021.

The following items have now been published for the use of participating firms:

• CBES data templates, which include all reporting templates participating firms should use to make their quantitative submissions;
• CBES data dictionary, which includes all relevant reporting information for the CBES templates including definitions, enumerations, patterns and reconciliations;
• CBES qualitative questionnaire, which includes all qualitative queries for firms to respond to; and
• Notes on the CBES, containing information on the introduction, scope and metrics of submissions, the approach to time and treatment of balance sheet, modelling approaches, the purpose and content of data templates and guidance on the data submission and data quality assurance process.

Click here to access the webpage.