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ARTICLE · 28 APRIL 2024

OSFI Continues Building Climate Resilience With Revised Expectations For Climate Related Disclosure

On March 20, 2024, the Office of the Superintendent of Financial Institutions Canada (OSFI) revised Guideline B-15: Climate Risk Management (Guideline B-15), which sets out expectations for the...

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On March 20, 2024, the Office of the Superintendent of Financial Institutions Canada (OSFI) revised Guideline B-15: Climate Risk Management (Guideline B-15), which sets out expectations for the sound management of climate-related risks for federally regulated financial institutions (FRFIs), and published final Climate Related Risk Returns("Returns").

As discussed in greater detail below, OSFI has revised Annex 2-2 (Minimum mandatory climate-related financial disclosure expectations) of Guideline B-15 to align it with the International Sustainability Standards Board's final IFRS S2 Climate-related Disclosures standard (IFRS S2).

The Returns were prepared in partnership with the Bank of Canada and the Canada Deposit Insurance Corporation and will be utilized to collect standardized climate-related data on emissions and exposures from FRFIs.

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