Canada Financial Watchdog Sets Rules on Climate Risk Disclosure

Canada’s financial industry regulator published a set of guidelines for banks, insurance companies and other regulated firms to assess and disclose climate risks.

Financial firms will need to release climate-related financial disclosures at least once a year, the guidance from the Office of the Superintendent of Financial Institutions said. The principles come into effect at the end of fiscal 2024 for larger banks and insurers and in 2025 for smaller firms, the regulator said in a statement.