On 14 July 2025, the Financial Stability Board (FSB) published a report which provides an update on its work on the 2021 Roadmap for Addressing Financial Risks from Climate Change.
At the request of the South African G20 Presidency, the report also provides an outline of the FSB’s medium-term approach to potential climate-related financial risks, identifying the following areas for FSB work: coordination of international efforts, information sharing, vulnerabilities analysis, external engagement.
Key points in the report include:
- A number of standard setting bodies and other international bodies have issued principles or guidance in recent years on how climate-related financial risks can be incorporated into existing risk classifications and sectoral regulatory and supervisory frameworks.
- A number of initiatives by organisations and jurisdictions are underway to make climate-related data more accessible and forward-looking.
- Climate risk dashboards were developed as tools to disseminate data on the impact of climate change on the financial system.
- Analytical frameworks and updated scenario analyses were developed to monitor potential climate-related vulnerabilities.
- Work on vulnerabilities assessments focuses on issues of growing concern in financial markets, such as extreme weather events and the role played by insurance protection gaps and adaptation measures.