The risks associated with climate change are not only environmental; they are economic. Historically, climate change was seldom seen on the regulatory agenda for financial services, but an analysis by RegTech provider CUBE shows that’s all changing — and rapidly.
CUBE’s report, Climate Change Risk: The Race to Regulation, uses its proprietary inventory of standardized global regulatory data, including more than 116,000 data points from regulators gathered over the past decade.
Key findings include:
- More than 95 percent of collected issuances, or public content by regulators, governments or organizations that publish content for the consideration of financial institutions, directly reference the risks of climate change.
- The EU accounts for nearly half of all issuances (47 percent) included in CUBE’s analysis, with North America and Asia each contributing about 23 percent.
- Climate-related regulatory issuances surged in 2021, with the analysis finding that of the nearly 102,000 issued since 2017, almost two-thirds came in 2021 alone.
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