UK Launches Climate Financial Risk Forum
On Friday 8 March the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) hosted the first meeting of the Climate Financial Risk Forum (CFRF).
With climate change threatening to create financial risks relevant to these UK regulators’ objectives, the CFRF has been set up to help develop practical tools for addressing climate-related financial risks.
The CFRF aims to build capacity and share best practice across financial regulators and industry to advance financial sector responses to climate change risks. It brings together senior representatives from the financial sector and will meet three times a year.
CFRF aims to reduce the barriers firms face when implementing forward-looking, strategic approaches to minimising risk. It will seek to share experience, build expertise, and encourage risk management and innovation in green finance.
During the first meeting the Forum set up four working groups to focus on risk management, scenario analysis, disclosure, and innovation. Their aim is to produce practical guidance, drawing on expertise from wider society including academia and industry.
Read more and see the full list of those involved here.