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Climate and nature will be integrated into banking supervision in OIC markets faster than most banks expect
WWF have released their latest update to their evaluation of central bank and financial supervisors’ policy responses on sustainability, climate and nature issues. Among the six OIC countries covered (Indonesia, Malaysia, Morocco, Saudi Arabia, Türkiye and the UAE), there was wide variability in the ways that sustainability, climate and nature risks are being addressed. Policy responses among OIC countries and across the 47 countries covered showed no correlation with countries’ income levels.
New Guidance On Nature Targets Will Increase Finance For The ‘Blue Economy’
New guidance from the Science Based Targets Network provides companies with a framework for assessing their impact on nature and helps them set nature-related targets
Nature risk impacts half of all global economic activity, and the blue economy where the RFI Foundation’s Blue Finance Challenge is focused, has been particularly challenging for financial institutions
As financial institutions increase their focus on nature risk – including risks related to the ‘blue economy’ – they will rely on technology to provide tools to measure, manage and disclose risks as well as to improve their ability to offer innovative solutions like ‘blue finance’
Emerging Market Banks Are Highly Vulnerable To Nature Risk
Financial institutions in emerging & developing markets have 45-55% of their financing assets exposed to at least one ecosystem service risk
Nature risks are often linked with climate risks, which has raised regulatory concerns about their impact on financial stability risks, as well as microprudential risks that banks should consider
Because nature risks are so embedded throughout global supply chains, they may attract capital to mitigate the risks that have been more limited in response to climate change, and banks will need to understand the sources of their nature & climate risks