The transition to a sustainable economy and the threat to the climate require global solutions. The world’s capital markets are also interconnected. This means that international rules and standards are required to steer the development in the proper direction. FI is therefore pursuing sustainability-related efforts together with other supervisory authorities around the world.
In the International Organization of Securities Commissions (IOSCO), around 115 supervisory authorities work together on common principles and standards to promote a stable and well-functioning securities market that offers strong investor protection.
IOSCO has a task force for sustainable finance where FI is an active participant. The task force reviews the global standards for sustainability disclosure that have been developed by IFRS, and work to promote the development of an effective global assurance framework for sustainability-related corporate reporting. The sustainable task force also has workstreams related to global carbon markets and transition plans.
The NGFS is a global network of financial supervisory authorities and central banks. The network aims to strengthen the financial sector's roles in managing climate and environmental risks and to mobilise mainstream finance to support the transition toward a sustainable economy. To achieve these aims, the NGFS performs analytical work and identifies and promotes best practices for implementation by supervisory authorities, central banks and other actors.
The NGFS was founded in 2017 by seven central banks and FI. Today, NGFS consists of around 125 central banks and financial supervisory authorities across the world. Finansinspektionen is a member of the NGFS steering committee and participates actively in the NGFS' workstreams and task forces related to various issues.
The Basel Committee for Banking Supervision prepares global standards, guidelines and recommendations for supervision and regulation of banks. A special work group was formed under the Committee in 2020 for climate-related financial risks: Task Force on Climate-related Financial Risks (TFCR), of which FI is an active participant. The TFCR's assignment is to monitor climate-related financial risks in relation to the Basel framework's three pillars (regulation, supervision and reporting). One example of the work in Pillar 2 is the presentation of the principles for management and supervision of climate-related financial risks, published in June 2022 (see link to the news item).