Basel Committee stands firm against US pressure to dilute work on climate risk
The Committee will prioritise its work to analyse the impact of extreme weather events on financial risks.
The group of Central Bank governors that supervise the financial rulemaking work of the Basel Committee have “unanimously reaffirmed” their determination to assess and manage climate-related financial risks – even after US regulators pushed to reduce the scope of a dedicated task force.
The group, dubbed the GHOS, met yesterday (May 12), when they agreed to “prioritise further analysis on the financial risk implications of extreme weather events” as part of a task force co-chaired by the European Central Bank’s Frank Elderson, and the Federal Reserve Bank of New York’s Kevin Stiroh.
