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2024 | OriginalPaper | Buchkapitel

2. Regulatory Framework, Standards, and Best Practices for the Financial Sector

verfasst von : Elisabetta Gualandri, Paola Bongini, Maurizio Pierigè, Marina Di Janni

Erschienen in: Climate Risk and Financial Intermediaries

Verlag: Springer Nature Switzerland

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Abstract

In this chapter aims to define a broad picture of the present date and outlines the evolution of the regulatory and supervisory framework for managing climate-related risks in the financial sector: state of the art is presented mainly concerning the European Union (EU) context, also taking a broader look to the international context. The specific focus regards the banking sector.

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Fußnoten
1
For a review of regulatory and supervisory initiatives taken by the European Authorities in the first phase, to foster the green transition, to enhance the role of finance and to promote the management of climate risks by financial intermediaries, see: Mikkelsen D. et al. (2022), Gualandri E. and Nobili M. (2022).
 
2
For the last updating of the proposals see “Principles for Climate-Related Financial Risk Management for Large Financial Institutions”, Notice by the Comptroller of the Currency, the Federal Reserve System, and the Federal Deposit Insurance Corporation on 10/30/2023. Retrieved from https://​www.​federalregister.​gov/​documents/​2023/​10/​30/​2023-23844/​principles-for-climate-related-financial-risk-management-for-large-financial-institutions.
 
3
For insights into the ECB 2022 CST, see: (ECB, 2021b) “Climate risk stress test—SSM stress test 2022”; (ECB, 18 October 2021c) “Dear CEO Letter. Information on participation in the 2022 ECB Climate Risk Stress Test”; (ECB, 2022a) “Macro-financial scenarios for the 2022 climate risk stress test 2022”; (ECB, July 2022c) Climate Risk Stress Test 2022.
 
Literatur
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Zurück zum Zitat European Central Bank (ECB). (2022f, December). ECB report on good practices for climate stress testing. https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.202212_ECBreport_on_good_practices_for_CST~539227e0c1.en.pdf European Central Bank (ECB). (2022f, December). ECB report on good practices for climate stress testing. https://​www.​bankingsupervisi​on.​europa.​eu/​ecb/​pub/​pdf/​ssm.​202212_​ECBreport_​on_​good_​practices_​for_​CST~539227e0c1.​en.​pdf
Zurück zum Zitat European Commission (EC). (2018). Communication from The Commission. Action Plan: Financing Sustainable Growth. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52018DC0097 European Commission (EC). (2018). Communication from The Commission. Action Plan: Financing Sustainable Growth. https://​eur-lex.​europa.​eu/​legal-content/​EN/​TXT/​?​uri=​CELEX%3A52018DC0097
Zurück zum Zitat European Commission (EC). (2021). Directorate-General for Financial Stability, Financial Services and Capital Markets Union, “Study on sustainability-related ratings, data and research”. Publications Office of the European Union. Retrieved from https://data.europa.eu/doi/10.2874/14850 European Commission (EC). (2021). Directorate-General for Financial Stability, Financial Services and Capital Markets Union, “Study on sustainability-related ratings, data and research”. Publications Office of the European Union. Retrieved from https://​data.​europa.​eu/​doi/​10.​2874/​14850
Zurück zum Zitat European Securities and Markets Authority (ESMA). (2019b, July 18). Final report: Guidelines on disclosure requirements applicable to credit rating agencies. https://www.esma.europa.eu/document/final-report-guidelines-disclosure-requirements-applicable-credit-rating-agencies European Securities and Markets Authority (ESMA). (2019b, July 18). Final report: Guidelines on disclosure requirements applicable to credit rating agencies. https://​www.​esma.​europa.​eu/​document/​final-report-guidelines-disclosure-requirements-applicable-credit-rating-agencies
Zurück zum Zitat Gualandri, E., & Nobili, M. (2022, October). “Banche, cambiamento climatico e governance: tra aspettative di vigilanza e prime evidenze—Banks, climate change and governance: supervisory expectations and first evidence”, in Bancaria. Gualandri, E., & Nobili, M. (2022, October). “Banche, cambiamento climatico e governance: tra aspettative di vigilanza e prime evidenze—Banks, climate change and governance: supervisory expectations and first evidence”, in Bancaria.
Metadaten
Titel
Regulatory Framework, Standards, and Best Practices for the Financial Sector
verfasst von
Elisabetta Gualandri
Paola Bongini
Maurizio Pierigè
Marina Di Janni
Copyright-Jahr
2024
DOI
https://doi.org/10.1007/978-3-031-54872-7_2