气候变化继续被认为是一个环境问题，构成潜在的经济和金融风险，可能威胁到资本市场的稳定. 随着世界继续从严重依赖化石燃料的经济转型, 比如煤和石油, to a more sustainable low carbon economy, the financial services sector must adapt to this ever-changing landscape. 未能适应的金融机构将面临财务后果和潜在声誉损失的风险.
存 TV: Addressing Climate-Related Risks in FMIs
In the last few years, we have seen firms take initiative to better understand, address and mitigate these risks, 包括实施与气候相关的信息披露要求，以及开展针对气候的情景分析，以评估与气候相关的风险对vnsr威尼斯城官网登入业的影响. 然而, 值得注意的是，气候风险对单个组织的影响可能因其在行业中所扮演的角色而有所不同.
金融机构通过对特定碳密集型企业的融资活动和直接贷款活动面临气候风险, 金融市场基础设施(fmi)对这种过渡风险的暴露极为有限. This transition risk is well within the parameters of credit, 流动性, 市场, operational and other risks that FMIs are already managing. 进一步, 作为特殊目的的中介机构，促进各方之间金融交易的交易后结算，并管理在执行和结算之间仍然存在的相关风险, vnsr威尼斯城官网登入机构也面临着比其他金融机构更短的风险敞口, such as insurance companies or banks.
虽然越来越多的全球监管和决策行动主要集中在银行和其他提供信贷的金融机构, given that they are more directly exposed to climate-related financial risks, little attention has been paid to the impact of these risks on FMIs. 最近的一次 存白皮书 从金融金融机构的角度研究了与气候相关的金融风险，以及如何利用现有工具和框架减轻这些风险.
国际 regulation can help address climate risks
在vnsr威尼斯城官网登入中的气候风险方面，全球监管无疑是提高意识和问责制的关键驱动因素. 在全球范围内，我们看到为应对金融部门的气候风险而加强监管.
在亚太地区, regulators in Australia, 中国, 香港, 马来西亚和新加坡正在引入金融机构管理气候相关风险的要求和指导方针. While regulatory guidance varies across the Asia Pacific region, climate-related scenario analysis is a key area of focus. Efforts are also underway to align 政策 with global standards; however, 亚洲发展中经济体在平衡可持续性目标与经济和社会发展目标方面面临着更大的挑战. 事实上, the increased focus on sustainability also benefits developing economies, 因为他们从一开始就有更低的障碍来建立更具弹性和可持续的经济和工业.
在认识和应对气候风险方面，欧盟可能是最积极主动的. 《vns6060威尼斯城官网》的目标是到2050年使欧盟实现气候中和，并实现这一目标, sustainability targets have been included in policymaking, 虽然少数监管机构已将气候相关目标纳入其职责范围, such as the ECB and ESMA.
在美国，我们看到更具体地关注气候风险对金融机构的影响. The rules and regulations that govern the operations of U.S.-based FMIs originate from various domestic and international sources. These include international groups, 例如国际证券委员会组织(IOSCO)的董事会, in 2012, 与国际清算银行支付和结算系统委员会合作, 发出“Principles for Financial Market Infrastructures” (PFMI), a set of principles for the effective operation and management of FMIs.
国际上开发的标准，如pfmi，包含了FMI风险管理的有效指导，这些组织可以利用这些指导来解决其职能和运营中出现的与气候相关的金融风险. While not every one of the PFMIs is likely applicable for all FMIs, policymakers and 市场 participants should employ a “reduce, 回收, “再利用”的做法，利用现有标准来应对气候相关的金融风险, both now and in the future.
例如, Principle 2 of the PFMIs states, “An FMI should have governance arrangements that are clear and transparent, promote the safety and efficiency of the FMI, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders.” In observing this principle, 我们认为，金融机制机制的治理应考虑与气候相关的金融风险，以支持更广泛的金融体系的稳定，并实现金融机制机制相关利益相关者的目标, including an FMI’s participants.
In terms of climate risks, 原则17与气候相关的讨论尤其相关，因为它解决了金融融通机构面临的运营风险, 和州, “An FMI should identify the plausible sources of operational risk, both internal and external, and mitigate their impact through the use of appropriate systems, 政策, procedures and controls.“操作风险的许多潜在来源之一是气候变化对FMI操作造成的物理风险. 另外, Key Consideration 7 notes that key participants, including service and utility providers, may pose operational risk to an FMI. 最后, the principle itself mentions the “plausible” sources of operational risk, 关键考虑6讨论了运营中断的“重大”风险.
Given their unique position in the financial ecosystem, 根据现有的PFMI原则，fmi能够很好地解决和减少任何与气候相关的风险. 在考虑与金融信息系统和气候风险影响相关的任何新规则或授权时, 政策制定者应首先运用现有的金融市场监管框架和标准，有效缓解未来与气候相关的金融风险挑战. CPMI-IOSCO创建的pfmi包含为此目的应应用的有效和适应性指导. This would allow for the identification of new risks sooner, 更多动态, 以全面的方式评估和应对风险，同时继续保护金融市场.
This article was originally published to 亚洲监管 2023年6月16日.