PRA Climate Change Adaptation Report 2021 - Climate-related financial risk management and the role of capital requirements

The PRA has produced this report in response to an invitation by the Department for Environment, Food & Rural Affairs (DEFRA) to participate under the third round of the climate change adaptation reporting power.
Published on 28 October 2021

The report sets out the response of the PRA to the risks posed by climate change to its operations and policy functions in two parts: 

  • Part A of the report examines: the risks posed by climate change to PRA regulated firms; the progress they have made in their management of these risks; what the PRA’s response to these risks has been; and the PRA’s supervisory strategy from 2022. 
  • Part B of the report examines: the relationship between climate change and the banking and insurance regulatory capital regimes; whether there are gaps that should be addressed; and the PRA’s planned future work in this space.

PRA Climate Change Adaptation Report 2021

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