Corporate climate risk body established

The international body charged with monitoring the health of the financial system will establish an industry-led group to advise businesses on climate-related financial risk

The international body charged with monitoring the health of the financial system will establish an industry-led group to advise businesses on climate-related financial risk.

The Financial Stability Board will set up a task force, to be chaired by former New York mayor Michael Bloomberg, to develop voluntary disclosure guidelines for companies to provide information to lenders, insurers and investors.

It will base its guidelines on analysis of the many existing disclosure schemes. The task force will be made up of senior technical experts from firms that prepare and use company risk disclosures, as well as risk analysts.

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