Financial system10 hours in the past (Jul 11, 2021 09:25AM ET)

© Reuters. FILE PHOTO: Randal Ok. Quarles, vice chairman of the Federal Reserve Board of Governors, testifies earlier than a Senate Banking, Housing and City Affairs Committee listening to on “Oversight of Financial Regulators” on Capitol Hill in Washington, U.S., December 5,

(Reuters) – Global financial regulators want a joint effort to handle climate-related financial dangers, the chair of the Financial Stability Board stated on Sunday, urging the physique tasked with setting disclosure requirements to “press ahead as shortly as potential.”

Randal Quarles, who can also be the Federal Reserve’s Vice Chair for Supervision, additionally known as for a world effort to develop complete and comparable information on climate-related dangers, together with higher data on the hazards of utmost 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 information, collectively, can present the idea to evaluate climate-related financial dangers and the impression on financial 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 global central banks on the financial metrics helpful for state of affairs analyses, an strategy to assessing financial institution risk to local weather stressors underway in some nations however that faces political resistance in the US.

The FSB, which coordinates financial 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.

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