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The flurry of consultation deadlines in the last fortnight suggests that the international trend towards financial regulation of climate change issues is picking up pace.
In the UK the Financial Conduct Authority (FCA)’s Discussion Paper on Climate Change and Green Finance closed for comment at the end of the month, two weeks after the comment deadline for the Prudential Regulation Authority (PRA)’s Consultation Paper on Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change. Both consultations were launched on the same day alongside an announcement that the two organisations would lead a Climate Financial Risk Forum with private sector participation.
Although the FCA and PRA are working closely together on climate risk the questions put out to consultation differed in line with their institutional mandates. The PRA consulted on a draf…