Swedish Financial Supervisory Authority to monitor climate reporting of financial market actors
The Swedish Financial Supervisory Authority is to work to ensure that the financial system contributes to sustainable development. Climate change is central to this work as it has a major global impact and clear connections to financial stability.
The Government has instructed the Swedish Financial Supervisory Authority to monitor climate reporting by financial market actors and how loans and investments relate to the Paris Agreement’s 1.5-degree target.
“I am looking forward to gaining a good overview of how banks and fund managers are exposed to climate risks and the extent to which these actors are contributing to achieving the Paris Agreement’s 1.5-degree target. The analysis of the Swedish Financial Supervisory Authority will constitute important background material for taking further measures,” says Minister for Financial Markets Per Bolund.
The Swedish Financial Supervisory Authority’s assignment also includes contributing to the development of tools and methods that facilitate the process for Swedish financial market actors to measure and report effects on the climate and to integrate climate aspects and the Paris Agreement’s 1.5-degree target in their strategies.
The Swedish Financial Supervisory Authority is to actively engage in international cooperation and work for increased and improved measurement and reporting of climate risks and climate effects internationally. The Authority is also to take responsibility for the implementation of appropriate measures within the framework of the voluntary initiative supported by the Government in connection with the Climate Action Summit in New York in September 2019: Enhancing transparency and aligning private financial flows with the Paris Agreement.
The Swedish Financial Supervisory Authority is to present its report on the assignment to the Government by 22 March 2021.