BIS -Project Viridis - a climate risk platform for financial authorities-此為英文文檔

BIS

ProjectViridis

Aclimateriskplatformforfinancialauthorities

June2024

BIsatio

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ProjectViridis:Aclimaterisk

forfinancialauthorities

Contents

Acronyms/Glossary3

Tablesandgraphs4

Executivesummary5

1

Introduction6

2

Identifying,monitoringandmanaging

climate-relatedfinancialrisks9

2.1Climate-relatedfinancialriskandexpectations

forsupervisors10

2.2Challengeswithmanagingclimate-related

financialrisks14

3

ProjectViridis:whataclimateriskplatform

coulddeliver17

3.1Understandingtheproblemstatement18

3.2Prioritisinguserneeds20

3.3Viridissolutiondesignandblueprinting23

4

TheViridissolution26

5

Findings,opportunitiesandconsiderations31

5.1FindingsfromProjectViridis32

5.2Opportunitiesandconsiderations33

Annex34

References42

Contributors43

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Acronyms/Glossary

BCBS

BaselCommitteeonBankingSupervision

BIS

BankforInternationalSettlements

CDP

CarbonDisclosureProject(formerly)

CSV

Comma-separatedvalues

EDKP

EllipseDataandKnowledgePlatform

EVIC

Enterprisevalueincludingcash

FI

FinancialInstitutions

FSB

FinancialStabilityBoard

ICE

IntercontinentalExchange

IEA

InternationalEnergyAgency

IMF

InternationalMonetaryFund

IPCC

IntergovernmentalPanelonClimateChange

MAS

MonetaryAuthorityofSingapore

ND-GAIN

NotreDameGlobalAdaptationInitiative

NGFS

NetworkforGreeningtheFinancialSystem

PACTA

ParisAgreementCapitalTransitionAssessment

PCAF

PartnershipforCarbonAccountingFinancials

SBTi

Science-BasedTargetsInitiative

SSP

SharedSocioeconomicPathways

TPI

TransitionPathwayInitiative

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Tablesandgraphs

Tables

Table1

Scope1,2and3absoluteemissionsandemissionintensities

Table2

Impactofcarbonpricingtrajectories

Table3

Impactoncounterpartyorborrower

Graphs

Graph1

Topborrowersofsupervisedentity,sortedbyindustryandbycountry

Graph2

Financedemissiontrajectories

Graph3

Exposuretophysicalhazards

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Executivesummary

Centralbanksandfinancialauthoritiesaroundtheworldrecognisethatboththephysicaleffectsofclimatechangeandthetransitiontoalow-carboneconomyaresourcesoffinancialrisks.Inrecentyears,therehasbeenagrowinginternationalcallforfinancialauthoritiestomonitor,manageandmitigaterisksarisingfromclimatechangeandtoensureclimate-sensitiveregulatoryoversightoftheirsupervisedfinancialinstitutions.Thisisbecauseofthestrongimpactthatsupervisionhasonthefinancialsector,whichinturnplaysasignificantroleinthesustainabilityofthefirmsthatbankslendto.However,monitoringandanalysingclimate-relatedfinancialrisksareparticularlychallengingbecauseofthecomplexnatureofclimatechange,itsglobalimpact,andthevaryingmitigationstrategiesacrossjurisdictions.Dataandclimate-relateddisclosuresusedtoanalyseclimateriskalsovarywidely,meaningtheyarehardtocompareinaconsistentway.

Inresponsetothesechallenges,theBankforInternationalSettlementsInnovationHub,togetherwiththeMonetaryAuthorityofSingapore,launchedProjectViridistoexplorethedevelopmentofaclimateriskplatformthatcouldhelpcentralbanksandauthoritiesidentifyandassessmaterialclimate-relatedfinancialrisks.ProjectViridisisbuiltonthepremisethatinsightsonclimateriskscouldbedrawninitiallyfromexistingavailabledatasources.Theseinsightscouldprovidesupervisorswithanearlyunderstandingofwhichentitiescouldbemoreexposedtoclimate-relatedfinancialrisksandanypotentialsystemicexposuretosectorsandgeographies.Asamodularplatform,furtheradvancementsandinternationalalignmentonclimatedataandmetricscouldthenbeintegratedintotheplatform,providingricherinsights.

TheViridisclimateriskplatformprototypedthedevelopmentofseveralfeatures.Theseinclude:

i.bankingandfinancialsystem-wideandfinancialinstitution-levelviewsoffinancedemissions;

ii.consolidationofreportedandmodelledemissionsofentitiesthatarekeycounterpartiestofinancialinstitutions;and

iii.mappingthegeographicaldistributionofentities'assetstoassesstheentities'transitionriskexposurearisingfromchangesincarbonpricingpoliciesandexposuretodifferentphysicalhazards.

Thisreportoutlinesasolutiondesignforfutureplatformfunctionalities,asandwhenmoredatabecomeavailable,andmethodologiesestablished.Italsoshowshow,overtime,theconversations,standards,technologiesandmethodologieswillmostcertainlyevolveandhowtheplatformtoomustevolve.Duringthisprocess,theblueprintcouldformthebasisforsupervisorstounderstandtheirdatagapsandexplorewiththesupervisedbankshowtocollectsuchdata.

1

Introduction

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1.Introduction

Centralbanks,regulatorsandsupervisorsaroundtheworld("financialauthorities")recognisethatextremeclimateevents,aswellasadisorderlytransitiontoalow-carboneconomy,willhavedestabilisingeffectsonthefinancialsystem.Climate-relatedfinancialrisks,stemmingfromphysicalandtransitionrisks,posenewchallengestofinancialauthoritiesbecausetheyaresubjecttosubstantialuncertaintyandlonghorizons.Collectiveactionstakentodaymaydeterminetheseverityofrisksintheyearsahead,butexactpathwaysareuncertain.Thepossiblesimultaneousoccurrenceofclimaterisksacrossmultiplejurisdictionsandsectorsalsohasimplicationsforfinancialstability.1

Understandinghowtheseclimate-relatedphysicalandtransitionrisksaffectfinancialstabilityisthereforecriticalforfinancialauthorities.Inrecentyears,therehasbeenagrowinginternationalcallforfinancialauthoritiestoadoptmorestructuredapproachestomonitor,manageandmitigaterisksarisingfromclimatechangeandtoensureclimate-sensitiveregulatoryoversightoftheirsupervisedfinancialinstitutions(FI).2However,monitoringandanalysingclimate-relatedfinancialrisksareparticularlychallengingbecauseofthecomplexnatureofclimatechange.Thesechallengesevenincreasebecauseofdisparateandinconsistentsourcesofdata,andwhilethereisanefforttoconvergeonreportingrequirements,thesearestillbeingdeveloped.

Withthesechallengesinmind,theBankforInternationalSettlements(BIS)InnovationHubSingaporeCentreandtheMonetaryAuthorityofSingapore(MAS)launchedProjectViridis.ProjectViridisextendstheworkundertakenforProjectEllipse3andexploreshowcentralbanksandsupervisorscouldmonitorclimate-relatedfinancialrisksbyusinganintegratedregulatorydataandanalyticsplatform.ProjectViridisisbuiltonthepremisethatinsightsonclimateriskscouldbeinitiallydrawnfromexistingavailabledatasources.Theseinsightscouldprovidesupervisorswithanearlyunderstandingofwhichentitiescouldbemoreexposedtoclimate-relatedfinancialrisksandanypotentialsystemicexposuretosectorsandgeographies.Asamodularplatform,furtheradvancementsandinternationalalignmentonclimatedataandmetricscouldthenbeintegratedintotheplatform,providingricherinsights.

1FinancialStabilityBoard(FSB),"Climate-relatedrisks",

/work-of-the-fsb/financial-innovation-and-structural-

change/climate-related-risks/

.

2SeeforexampleNetworkforGreeningtheFinancialSystem(NGFS)(2020),BaselCommitteeonBankingSupervision(BCBS)

(2022)andFSB(2022).

3TheBISInnovationHub's

ProjectEllipse

isaprototypethatauthoritiescantestintheirownenvironments,whichmayhelpthemtoexplorenewsolutions.Italsopresentsanopportunityfortheglobalregulatorycommunitytofurtherconsider,

exploreandcollaborateoncommonsolutionstofuture-proofthedataandanalyticalcapabilitiesofsupervisors.

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ThisreportprovidesadetaileddescriptionofhowProjectViridisadoptstheEllipseDataandKnowledgePlatform(EDKP)asthefoundationalarchitectureforintegratingregulatoryexposuresandclimatedata,applyingnaturallanguageprocessingtechniquestofind,extractandprocessclimate-relevantinformationfromcorporatedisclosures.Thereportfurthermoreoutlinesthefeaturesandfunctionalitiesthatwerebuilttodemonstratetheutilityofaclimate-riskplatformforsupervisors.Thestructureofthereportisasfollows:

?Section2setsoutthechallengessupervisorsandotherentitiesfaceinidentifying,monitoringandmanagingclimate-relatedfinancialrisksandoutlinesthescopeoftheproject.

?Section3describestheuserstoriesandfeaturesofaclimate-riskplatformthatwerecategorisedintosupervisorypriorityareasandtheusecaseforViridis.

?Section4outlinesthefeaturesdevelopedandtheunderlyingEllipsearchitecturethatsupportsit.

?Section5concludeswiththeprojectfindings,opportunitiesandfurtherconsiderationsforsupervisors.

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Identifying,monitoringandmanagingclimate-relatedfinancialrisks

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ProjectViridis:Aclimateriskplatformforfinancialauthorities

2.Identifying,monitoringandmanagingclimate-related

financialrisks

2.1Climate-relatedfinancialriskandexpectationsforsupervisors

Financialauthoritiesaroundtheworldrecognisethatboththephysicaleffectsofclimatechangeandthetransitiontoalow-carboneconomyaresourcesoffinancialrisks.Thephysicaleffectsofclimatechangearereferredtoasphysicalriskscharacterisedaseitheracuteorchronic(Box1).Acutephysicalrisksariseduetotheincreasingseverityandfrequencyofextremeweathereventsrelatedtoclimatechange(suchasheatwaves,droughts,landslides,floods,wildfiresandstorms).Chronicrisksrefertolonger-termprogressiveshiftsintheclimate(suchasoceanacidification,risingsealevelsandaveragetemperatures).4Whilethefrequencyandseverityofclimateeventsvarybygeographyandaredifficulttomodelorpredict,theoveralllossesresultingfromglobalnaturaldisastersbetween1980and2018wereestimatedtobemorethan$5trillion.5

InlinewithnationalcommitmentsmadeundertheParisAgreementtomovetowardsnetzerocarbonemissions,transitioningtoalow-carboneconomycouldalsoresultinfinancialrisks(Box2).Theseriskspotentiallyarisefromchangesinclimate-relatedpolicies,technologyandconsumersentimentaseconomiesworktowardsreducingtheirrelianceoncertaincarbon-intensiveindustries.Containingglobaltemperaturerisestowellbelow2°C,forexample,wouldrequiretheworld'seconomiestorefrainfromusingandextractingalargeproportionofexistingfossilfuelreserves.Thiswouldmeanthatfossilfuelinfrastructureandassets(suchaspowerplants,pipelinesanddownstreamrefineriescouldnolongerbeusedandmaybecomealiabilityeventhoughtheyarestilleconomicallyproductive.Theywouldbecomewhatisoftenreferredtoasstrandedassets.6Theprocessofproactivelyreducingcarbonemissionsthroughnewregulationssuchascarbonpricingorsupportforrenewableenergycouldthereforedisruptdifferentsectorsoftheeconomy,particularlyifthishappenstooquicklyorwithoutadequatecontingencyplans.7

4NGFS(2020).

5BCBS(2021a).

6GranthamResearchInstituteonClimateChangeandtheEnvironment(2022).

7BCBS(2021a).

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Workbeingundertakenbythestandard-settingcommunityandotherinternationalbodiesisfocusingonthetransmissionchannelsofclimaterisk,whicharedescribedasthecausalchainslinkingphysicalandtransitionriskstothefinancialrisksfacedbybanksandthebankingsector.Thesechannelscanalsofeedintomicroeconomicandmacroeconomicchannelsthroughwhichclimatechangemightmaterialiseasasourceoffinancialrisk.Microeconomictransmissionchannelsincludethewayclimateriskdriversaffecttheindividualcounterpartiesofbanks,potentiallyincreasingtheexposureofbankstopotentiallossesifthosecounterpartiesbecomestressed.Macroeconomictransmissionchannelsrefertohowclimateriskdriversaffectmacroeconomicfactorssuchaseconomicgrowthandhowthese,inturn,mayhaveanimpactonbanksbyaffectingtheeconomyinwhichbanksoperate.Thesewouldalsocapturetheeffectsonmacroeconomicmarketvariablessuchasrisk-freeinterestrates,inflation,commoditiesandforeignexchangerates.8

Importantly,evidencesuggeststhatclimate-riskdriverscanbelinkedtofinancialriskcategoriesthatauthoritiesusetomonitorprudentialrisksandfinancialstability.9Forexample,climateriskscangiverisetocreditriskifaborrower'sabilitytorepayandservicedebtisreducedorimpairedorifabankisunabletofullyrecoverthevalueofaloanmadetoaborrowerintheeventofdefault.Marketriskcouldariseifthereisareductioninthevalueoffinancialassets,whichcouldincludethepotentialtotriggerlarge,suddenandnegativepriceadjustmentswhereclimateriskisnotyetincorporatedintoprices.Shouldtherebeclimateriskevents,banks'accesstostablesourcesoffundingcouldalsobereducedasmarketconditionschange,givingrisetoliquidityrisk.Operationalrisksmayincreaseifbankshaveexposurestolegalandregulatorycomplianceriskassociatedwithclimate-sensitiveinvestmentsandbusinesses.

Box1:Physicalrisks

Physicalclimateriskreferstotheincreasingseverityandfrequencyofextremeclimatechangeeventsthatmayresultinseverehumanitarianandeconomicdamage.Forinstance,banksfacegreatercreditriskandlessprotectionagainstborrowerdefaultwhenhousingusedascollateralisdestroyedbyhurricanesandwildfires.Thiscouldpromptbankstorestricttheirlendingincertainregions,reducingtheamountoffinancingavailableforreconstructioninmoreheavilyaffectedareas.Physicalclimaterisksmayalsoentailunprecedentedsystemicriskinothersituationswhereenvironmentaltippingpointsarecrossed,leadingtoirreversible,catastrophicoutcomesontheclimateandeconomicsystemsglobally.

8BCBS(2021a).

9NGFS(2020).

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Box2:Transitionrisks

Transitionrisksarisewhenpoliciesthatpenalisecarbon-intensivesectorsputincreasingpressureonbusinessestoadjusttheirdecisionsandoperations.Thereisanongoingglobalmovementwhereeconomicactorsaretransitioningfromcarbon-intensivetonetzero.Ifbusinessesfailtoconductappropriateanalysisandmanagementoftheserisksandrealigntheirbusinessmodels,theywillbemorevulnerabletoassets,equipmentandplantsbeingstranded,alongsidesharpfluctuationsofassetprices.Feedbackloopswillreverberatebetweenthefinancialsystemandthemacroeconomy,whichmayfurtherexacerbatetherisksandimpactsgenerated.

Themainaimofprudentialregulationandoversightistoensurethesafetyandsoundnessoffinancialinstitutionsandtosafeguardthestabilityofthefinancialsystem.Thepotentialeconomicandfinancialimpactthatclimatechangehasonfinancialinstitutionsandfinancialstabilitythereforemeansthatcentralbanks,regulatorsandsupervisorsareexpectedtoensurethefinancialsystemisresilienttotheserisks.10Internationalbodieshaveoutlinedsomeoftheseexpectationsthroughprinciplesandguidance,whichareintendedtoarticulatehowsupervisorsandregulatorscanbetterincorporateclimate-relatedrisksintoriskassessmentsandpolicies.11ThemajorexpectationsaresummarisedinBox3.

10NGFS(2020).

11SeeforexampleNGFS(2020),BCBS(2020)andFSB(2022).

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Box3:Expectationsforsupervisors

TheNetworkforGreeningtheFinancialSystem(NGFS)hasmadeanumberofrecommendationstoitsmemberauthorities,includingtheneedforsupervisorstodeterminehowclimate-relatedandenvironmentalriskstransmittotheeconomyandtheirfinancialsectorsandtoidentifythematerialityoftheserisksfortheirsupervisedentities.TheNGFSalsorecommendsthatauthoritiesidentifytheexposuresofsupervisedentitiesthatarevulnerabletoclimate-relatedandenvironmentalrisksandassessthepotentiallossesshouldtheserisksmaterialise.Todothis,theNGFSsuggeststhatsupervisorsshouldunderstandthedeterminantsofphysicalrisk(egtheclimatesensitivityofthesector,geographicallocation)andtransitionrisk(egpolicysensitivity).

TheFinancialStabilityBoard(FSB)hasalsooutlinedtheneedtoadjusttheexistingsupervisoryandregulatoryriskassessmentsandpoliciestobeabletooverseeclimate-relatedfinancialrisks.Theriskassessmentandpoliciesneedtobetterincorporatethechannelsthroughwhichclimate-relatedriskstofinancialinstitutionsmaybetransferredacrosssectorsorborders.Applyingasystem-wideapproachtoclimate-relatedrisksshouldalsodrawonelementsofexistingprudentialframeworks,suchas:

?supervisoryreviewandevaluationprocesses;

?riskanalyticaltoolslikescenarioanalysis;and

?stress-testingexercisesandmacroprudentialtoolsandpoliciestoaddresssystemicrisks.

Importantly,toenablesupervisorstodrawonelementsofexistingprudentialframeworks,authoritieswouldneedtoacceleratetheidentificationoftheirinformationneedsforsupervisoryandregulatorypurposestoaddressclimate-relatedrisksandworktowardsidentifying,definingandcollectingclimate-relateddataandkeymetricsthatcaninformclimateriskassessmentandmonitoring.

TheBaselCommitteeonBankingSupervision(BCBS)hasproposedthataneffectiveclimate-riskmanagementframeworkforbanksandsupervisorsshouldhavethreegoals:

i.toidentifymaterialclimateriskdriversandtheirtransmissionchannels;

ii.tomapandmeasureclimate-relatedexposuresandanyareaofriskconcentration;and

iii.totranslateclimate-relatedrisksintoquantifiablefinancialriskmetrics.

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Importantly,thereisanexpectationthatsupervisorsshouldbeinapositiontooverseehowbanksandsupervisedfinancialinstitutionscanadequatelyidentify,monitorandmanageallmaterialclimate-relatedfinancialrisksaspartoftheirassessmentsofbanks’riskappetiteandriskmanagementframeworks.Thisincludesunderstandingandassessingtheimpactofclimateriskdriversontheirriskprofileandintegratingclimate-relatedfinancialrisksinthemanagementofcredit,market,liquidity,operationalandothertypesofrisk.

2.2Challengeswithmanagingclimate-relatedfinancialrisks

Financialauthoritiesareactivelytakingstepstoappropriatelyconsiderclimate-relatedfinancialrisksandincorporatetheserisksintotheirriskassessments.However,integratingclimate-relatedriskanalysisintoriskmanagementframeworksandfinancialstabilitymonitoringisparticularlychallengingbecause,unliketraditionalriskmeasurement,climate-relatedrisksarecharacterisedbydatagaps,complexphysicalphenomenaandsocietalresponsesthatcannotbeknownwithcertaintyinadvance.Theassessmentofclimate-relatedrisksthereforefacestwobroadsetsofchallenges:

i.methodologicalquestionsontohowtoevaluateinherentlyunknowable,complexfuturetrajectories;and

ii.practicallimitationsonthecurrentstandardisationandavailabilityofdata.

Methodologicalchallenges

Theassessmentofclimate-relatedfinancialrisksintroducesnewconceptstofinancialauthoritiesandriskmanagers.Oneofthekeychallengesforfinancialauthoritiesistheepistemologicalquestionof"risk"versus"uncertainty".Authoritiesrecognisetheneedtodrawasharperdistinctionbetweenriskanduncertaintytohelppractitionersbetterappreciatetheinherentlimitationsinvolvedinassessingclimate-relatedfinancialrisks.Whileriskreferstoquantifiableknowledgeofapossibleoccurrence,uncertaintyreferstounmeasurablefuturestatesthatcannotbequantifiedwithanydegreeofcertainty.Definedbyfundamentallimitationsonpotentialknowledgeandmeasurementoffuturestates,climate-relatedrisksaredistinctlyuncertainandthedatathatareavailablearefarfromperfect.

Climateriskswillmaterialisethroughfuturestatesoftheworldthatcontainvariouselementsofphysicalandtransitionrisks.Suchfuturestateswillinherentlybedeterminedbydecisionsmadetodayandyettobemade.Forexample,themagnitudeandtimingofactiontotackleclimatechangeisdependentoncomplexsocietalresponsesthatcannotbeknownwithcertaintyinadvance.Whilepastdatacanbeusedtodrawrepresentativeexamples,relevantparallelsarescarce,andhypotheticalscenarioscannotbeeasilyassignedprobabilities.Theseclimate-relatedrisksmayalsomaterialisebeyondabank’straditionaltwo-tothree-yearcapitalplanninghorizonbutstillwithinthematuritiesoflonger-datedpositions.Thekeyrolethattippingpointscanplayinrapidlyshiftingtheclimatesystemfromonestatetoanotherisalsopoorlyunderstoodandremainslargelyunquantified.

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AmainchallengeidentifiedbytheBCBSinasurveyofauthoritiesisthereforethelackofaharmonisedandrobustanalyticalframeworkforassessingclimate-relatedfinancialrisks.12Measuringclimate-relatedfinancialrisksthereforeinvolvesahighdegreeofuncertaintythatmayleadtomisestimationofrisks.Giventhatfutureclimate-relatedfinancialriskswillprobablydifferfromobservedpatterns,measuringandestimatingtheimpactofclimate-relatedrisksonbanksrequiresauthoritiestotakeabroaderviewofassumptionsabouttheinteractionsbetweentheclimate,anthropogenicactivityandeconomicactivity.Astheseassumptionswillinvolveforecastingthebehaviourofeconomicactorsandpolicymakersandthefutureoftechnologicaladvancement,anysolutionlookingtoprovidearealisticassessmentofriskexposuresmustthereforecontendwiththeseepistemologicallimitations.

Consequently,financialauthoritiesmayneedtoallowamoreheuristic,"roughlyright"approachthattransparentlyreflectsassumptionsmade,asthismaycaptureuncertaintybetterthanhighlyquantifiedapproaches.Toolsthataretransparentaboutthefundamentalunknownsinprojectionswouldlikelyprovemorevaluableforsupervisorydialogue."Roughlyright"approacheswouldallowregulatorsandsupervisorstoapplyflexibilityandpragmatismtoassessingpreparednessformaterialclimaterisks.Thisisevenmorecrucialwhenconsideringchallengeswithdataavailabilityandgreenwashing,whicharediscussedbelow.

Datagaps

Theassessmentofclimate-relatedfinancialrisksrequirestheincorporationofvastlydifferenttypesofdatawithexistingfinancialandregulatorydatathatbanksandfinancialauthoritiestraditionallyuse.TheBCBShasidentifiedthreebroadcategoriesofdatathatareneededtoassessclimate-relatedfinancialrisk:

i.datadescribingphysicalandtransitionriskdriversneededtotranslateclimateriskdriversintoeconomicriskfactors(ieclimate-adjustedeconomicriskfactors);

ii.datadescribingthevulnerabilityofexposures,linkingclimate-adjustedeconomicriskfactorstoexposures;and

iii.financialexposuredata,neededtotranslateclimate-adjustedeconomicriskintofinancialrisk.13

Datathatcaninformphysicalandtransitionrisksarekeyforassessinghowclimate-relatedriskscanimpactbankingexposures.Theseincludeinformationrelatedtoclimatehazardeventsandgeographicdataonlocationsthatmaybemoreatriskofprojectedhazards.Inaddition,banksandsupervisorsneedinformationtoassessthevulnerabilityofbankexposurestophysicalandtransitionrisks.

12BCBS(2020).

13BCBS(2021b).

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Specifically,toassessthevulnerabilityofbankexposurestophysicalrisk,authoritieswouldneedinformationsuchasthegeospatiallocationofbanks'counterparties(includingtheirvalueandsupplychains).Fortransitionrisk,abank'sexposuretoacorporatewouldrequireinformationonthesectororeconomicactivitytodeterminehowsensitivethatcorporateistocarbonemissionsinitsproductionanddistributionprocesses.Finally,tofacilitatetheriskassessmentortranslationoftheclimate-relatedriskstofinancialexposures,authoritiesrequiredataonbanks'exposurestocounterparties,bothataportfoliocompositionlevelaswellasatamoregranularloanlevel,toestimatepotentialimpactsoftheseexposures.

However,manyauthoritiescitedchallengeswithdata,indicatingthatcurrentdataarenotsufficientlygranularorreliabletofeedintothepotentialassessmentmodels.14Consistentemissionsandclimate-relateddataacrossjurisdictionsandacrosssectorswouldbeneededtoundertakefurthercomparableriskanalysis.Althoughtherangeofdataanddisclosurerequirementsisgrowingrapidly,industryparticipantsarealsos