OSFI CONSULTS ON EXPECTATIONS TO ADVANCE CLIMATE RISK MANAGEMENT
OSFI issued a draft guideline that would require federal regulated financial institutions to provide detailed mandatory disclosure on the impact of climate change on their business. The stated purpose is to help protect Canada’s financial system from mounting risks. The OSFI proposals leverage the Task Force on Climate-related Financial Disclosures framework (TCFD) which has largely become the adopted global standard. The guidelines are open for comment until August 19, 2022.