The Financial Stability Board, the G20-backed international body chaired by Bank of England Governor Mark Carney, is expected to launch a new climate disclosure taskforce next month during the annual series of G20 meetings.
The news was announced at a conference in London this week exploring the financial implications of the upcoming COP21 in Paris, the UN conference on international climate action.
The FSB, established in 2009, monitors and makes recommendations about the global financial system and its members include the central banks and finance ministries of the G20 countries as well as bodies like the IMF, OECD and international standards-setting organisations.
Nick Robins, who co-led the UN Environment Programme’s high-level inquiry into the design of a sustainable financial system, told delegates that the Financial Stability Board was likely to launch a taskforce exploring climate disclosure at the G20 summit in November. The meeting takes place in Antalya, southern Turkey from November 15-16.
A Financial Stability Board (FSB) spokesman said more details on a potential taskforce would be available next month.Carney, arguably the most senior monetary policy official to tie climate change with finance, said in September that the FSB was considering recommending to the G20 summit that more be done to develop consistent disclosure on carbon.
It comes as China has announced that it will use its leadership of the G20 next year to encourage the development of green finance.
Also speaking at the conference was Christina Figueres, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) who hinted the COP21 talks would not deliver a carbon price. “It would be easier if there was one carbon price,” she said. “We won’t quite get that in the short term. But we will move to that.”
She added that 60 jurisdictions around the world already had a carbon pricing mechanism capturing 80% of greenhouse gas emissions.
During a panel debate with investors, Helena Morrissey, chief executive of Newton, called for leadership from the investment community to act and take responsibility around the agenda of climate risk.
“There is lots of money in the room,” she said. “The financial community sleepwalked into a financial crisis. There will be no excuse for sleepwalking into a climate crisis.”