The Bank of England has confirmed that the FCA and PRA hosted the fourth meeting of the Climate Financial Risk Forum (“CFRF“) in July 2020. The Forum discussed how to publicise and promote use of the CFRF Guide by the financial services industry.
The Forum agreed that all current members would continue into the second year, and that membership would be widened to include a small number of asset owners alongside other regulators that would be invited to observe.
In terms of strategy for the second year of work, the Forum agreed that the four existing working groups would continue with the current chairs and secretariats. Once the workplans are agreed between the regulators and the working group chairs, the working group membership will then be refreshed to ensure there is an appropriate variety of skills and experiences around the table.
It was also agreed that the focus of each working group would be (1) to undertake a thematic piece of work on metrics, data and methodologies; and (2) to build on the Guide, by progressing and refining the recommendations, particularly highlighting how these approaches can be effectively implemented by firms.
The next CFRF meeting will take place in Q4 2020.