1、CLIMATE FINANCIAL RISK FORUM GUIDE 2020 SUMMARY June 2020 2 Climate Financial Risk Forum guide 2020 Summary Contents Foreword from co-chairs 3 1 Introduction 5 2 Why is climate change important for financial services? 6 3 About the CFRF 9 4 About the guide 11 5 Next steps for the CFRF 20 Annex 1: Gl
2、ossary of frequently used terms across the CFRF guide 21 Annex 2: Contributors to the CFRF guide 24 The Climate Financial Risk Forum (CFRF) guide has been written by industry, for industry. The recommendations in this guide do not constitute financial or other professional advice and should not be r
3、elied upon as such. The PRA and FCA have convened and facilitated CFRF discussions but do not accept liability for the views expressed in this guide which do not necessarily represent the view of the regulators and in any case do not constitute regulatory guidance. Copyright 2020 The Climate Financi
4、al Risk Forum 3 Climate Financial Risk Forum guide 2020 Summary Foreword from co-chairs We jointly established the Climate Financial Risk Forum (CFRF) because climate change is of paramount importance to the missions of both the Prudential Regulation Authority (PRA) and the Financial Conduct Authori
5、ty (FCA). Firms increasingly face both physical risks as the climate changes around us and transition risks from the move to a net-zero carbon economy. If poorly managed, these risks could be the source of consumer harm and potentially a future financial crisis stemming from financial losses and sud
6、den adjustments in asset values. Covid-19 has demonstrated more than ever the need for firms to be prepared for the rapid crystallisation of global risks. It has also demonstrated the value of working together to address fast-evolving risks that do not respect national boundaries. The PRA and FCA ha