Climate Risk Forum: Help shape our approach to climate-related risks

In addition to the bi-annual information sessions, partners and stakeholders can share their expertise by participating in external advisory groups tied to forum-based engagement activities. External advisory groups will be set up using calls for expressions of interest so that selected representatives can inform climate risk roundtables, technical workstreams, and practitioner sessions described below.

We anticipate issuing our first call for expressions of interest in the months ahead.

As a forum subscriber, you can attend and contribute to the virtual forum information sessions twice a year. You may choose to also indicate your interest to take part in other forum-based engagement activities including external advisory groups.

Forum subscription is open to interested Canadians, such as:

• Financial institutions
• Industry associations
• Government departments and agencies
• Domestic and international regulators and standard setters
• Rating agencies
• Think-tanks
• Academia
• Non-governmental organizations
• First Nations, Métis, and Inuit community governance bodies and partner organizations
• Non-finance economy representatives (oil and gas, transportation, manufacturers, builders, etc.)

We invite all interested Canadians to subscribe. This includes people who identify as Indigenous, Black, and racialized as well as people of diverse ethnicities, geographic origins, gender identities and expressions, sexual orientation, ages, socioeconomic backgrounds, financial means, religions, work experiences, lived experiences, physical and intellectual abilities, and all other characteristics, recognizing that these categories intersect in multiple ways.

Contact us to subscribe: ClimateRisks-RisquesClimatiques@osfi-bsif.gc.ca

2024

Guideline B-15

In January, OSFI published a What We Heard Report based on the responses received from the Guideline B-15 self-assessment questionnaire (SAQ) issued to federally regulated financial institutions in May 2023. The SAQ was issued to gauge the readiness of FRFIs to meet the expectations outlined in Guideline B-15 by the implementation timelines.

OSFI released updates to Guideline B-15: Climate Risk Management in March. The updates align the disclosure expectations in Annex 2-2 with the International Sustainability Standards Board’s final IFRS S2 Climate-related Disclosures standard.

Climate Risk Returns

In March, OSFI released new Climate Risk Returns that will collect standardized climate-related data on emissions and exposures from FRFIs. These forms are being released after an extensive consultation. OSFI also published a What We Heard Report with the feedback it received.

2023

Climate Risk Forum

In June, OSFI launched its new Climate Risk Forum and hosted an information session. The virtual event was attended by over 1,000 representatives from a wide cross-section of partners and stakeholders.

Consultation on the draft Climate Risk Returns

OSFI, in partnership with the Bank of Canada and Canada Deposit Insurance Corporation, published its draft Climate Risk Returns for Federally Regulated Financial Institutions for industry consultation from June 28 to September 30, 2023.

The consultation process included 10 separate meetings with over 130 representatives from the financial and professional services sectors, industry associations, as well as federal and provincial governments. The information obtained during these sessions will be a key input to finalizing the Returns.

Consultation on the draft climate scenario analysis methodology: Part I

OSFI published its draft Standardized Climate Scenario Exercise (SCSE) methodology on October 16, 2023, and launched Part I of a two-part consultation process to support the refinement and effective implementation of the SCSE in 2024.

Part I of the process ran until December 22, 2023, and included a virtual information session that was attended by over 1,000 participants. In addition to providing answers to previously submitted questions, information session participants also had an opportunity to submit questions live during the question-and-answer period.