The message from RBNZ is clear: climate change poses a direct challenge to financial stability.
The Centre commends this message, along with the Reserve Bank’s ongoing involvement in the Network for Greening the Financial System, and the three pillars of its 2018 climate strategy.
- Monitoring and managing our impact on climate
- Understanding and incorporating the impact of climate change on our core functions
- Providing leadership as an institution
Following our March submission on the Reserve Bank of New Zealand ‘Risk Weights – Omnibus Consultation Paper’, the Centre has submitted our response to the RBNZ consultation paper “Managing climate-related risks: Guidance for regulated entities”. In doing so, we supported the NZBA view which emphasises the need for this guidance to adapt and evolve over time through regular reviews.
