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ARTICLE · 15 JUNE 2022

Financial Institutions And Climate Change: OSFI Guidance On Climate Risk Management

Borden Ladner Gervais LLP
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The Office of the Superintendent of Financial Institutions (OSFI) published a draft guideline (the Guideline) on climate risk management on May 26, 2022.

CanadaFinance and Banking
Kristyn Annis
Kristyn Annis
Kevin Lambie
Kevin Lambie
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What you need to know

The Office of the Superintendent of Financial Institutions (OSFI) published a draft guideline (the Guideline) on climate risk management on May 26, 2022. The Guideline establishes OSFI's expectations for federally regulated financial institutions (FRFIs) regarding the management of climate-related risks, which OSFI broadly categorizes as physical risks and transition risks. See BLG's article on climate finance at COP26 for more information about climate-related risk. The Guideline proposes requiring FRFIs to analyze and publish forward-looking strategies that are holistic, integrated and built on reliable empirical data and analysis, which is a prudent framework to support FRFIs as they develop greater resilience to and management of climate-related risks.

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