Basel playing catch-up on climate risk, say experts

Individual regulators have already gone further in encouraging transition

The Bank for International Settlements, Basel
The Bank for International Settlements building, home to the Basel Committee
Photo: Ulrich Roth

The Basel Committee on Banking Supervision’s first foray into climate risk analysis is several steps behind some of its most progressive member states, say experts. That could change if global policymakers provide a more ambitious mandate, but there are also doubts about whether the existing Basel framework is the right context for tackling the issue.

“It seems that they are having a conversation that [reflects] where we were in 2015,” says Matthew Scott, senior director at advisory firm Willis

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