FSB offers loud warning and muted response on climate risk

Global regulators say risks are near-term and cross-border, but propose only data collection

Crisis ahead

The Financial Stability Board provided compelling evidence of the need for a global co-ordinated regulatory response to mitigate climate-related systemic risks in a recent report, but has stopped short of proposing one, experts say.

“For [the FSB], it’s mainly a question of not enough data; they say we should fill the gap and then everything will be okay,” says Pierre Monnin, an adviser to the International Network for Sustainable Financial Policy Insights, Research, and Exchange. “But first

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