The UK’s Climate Financial Risk Forum (CFRF), which consists of senior financial sector representatives, has today published 10 guides setting out best practices to help banks, asset managers, insurers and other financial institutions address climate-related financial risks and opportunities.
The guides are themed around topics such as managing the legal risks which could arise from climate disclosures, climate scenario analysis, climate data and metrics, and risk management. They build on a first round of industry-produced guides published by the CFRF in 2020.
The CFRF is convened and chaired by the UK’s Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) – the Bank of England unit responsible for the prudential regulation and supervision of banks.
However, the chairs said they did not “accept liability for the views expressed in the [latest] guides, which do not necessarily represent the view of the regulato…