Basel Committee clarifies how climate-related financial risks may be captured in the existing Basel Framework

News Today the Basel Committee is publishing a clarification of how the existing Basel Framework can capture climate-related financial risks.

The Basel Committee’s clarifications are intended to facilitate consistent interpretation globally of existing Pillar 1 standards, given the unique features of climate-related financial risks. Banks should consider how to incorporate climate-related financial risks into their interpretation and application of the existing Basel Framework, and continuously develop their capabilities and expertise in relation to climate-related financial risks.  Today’s publication is part of the Basel Committee’s ongoing and holistic approach to addressing climate-related financial risks to the global banking system.

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Updated 08/12/2022