Legal & Regulatory News

FSB Plenary discusses climate change risks

On 6 July 2023, the Financial Stability Board (FSB) Plenary met in Frankfurt. The Plenary discussed various key issues, including the FSB’s progress on addressing financial risks stemming from climate change and its upcoming deliverables to the G20.

The Plenary discussed progress against the ‘FSB Roadmap for Addressing Climate-related Financial Risks’, published on 7 July 2021. It was noted that recent progress included the following:

• the International Sustainability Standards Board (ISSB) had recently finalised their climate and general sustainability-related disclosure standards;
• the upcoming consideration by the International Organization of Securities Commissions of endorsement of the ISSB standards; and 
• asking the IFRS Foundation to monitor companies’ climate-related disclosures – taking over from the TCFD following its 2023 annual status report.

The Plenary remains committed to the importance of continued monitoring and reporting of climate related disclosures. In July 2023, the FSB will deliver an updated roadmap to the G20 to reflect their ongoing progress on climate-related financial risks.

Click here to read the Plenary’s press release.

Click here to read the FSB Roadmap for Addressing Climate-related Financial Risks