OSFI continues building climate resilience
News release - Ottawa -
Today, the Office of the Superintendent of Financial Institutions (OSFI) released updates to Guideline B-15: Climate Risk Management.
The updates ensure that the expectations for federally regulated financial institutions (FRFIs) in the Guideline’s Annex 2-2 align with the International Sustainability Standards Board’s final IFRS S2 Climate-related Disclosures standard. This streamlines climate disclosures and promotes transparency of climate-related risks.
OSFI is also releasing 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 is also publishing a What We Heard Report with the feedback it received.
The data provided will allow OSFI to carry out evidence-based policy development, regulation, and supervision related to climate risks.
Quote
“Over the last year, OSFI has made significant progress in promoting robust climate risk management by financial institutions. Today, we are taking another step by releasing updates to Guideline B-15 and new Climate Risk Returns.”
- Peter Routledge, Superintendent of Financial Institutions
Quick facts
- OSFI first published Guideline B-15 in March 2023.
- The updated Guideline and Climate Risk Returns are effective fiscal year-end 2024 for domestic systemically important banks and internationally active insurance groups headquartered in Canada.
- For all other in-scope FRFIs, the Guideline and Climate Risk Returns will become effective fiscal year-end 2025.
- OSFI will continue to review and amend the Guideline as practices and standards evolve.