The Basel Committee on Banking Supervision has postponed the deadline for banks to disclose climate risks, now aiming for a final proposal in the first half of 2025. This decision follows pushback from the US Federal Reserve against earlier proposals, which were set for release later this year.
The Federal Reserve has declined to support a Basel Committee plan aimed at requiring banks to disclose climate risks, leaving discussions in uncertainty. Despite efforts to accommodate the Fed, the proposal has been significantly weakened, and the committee may have to suspend its climate-related regulatory work indefinitely.
Erik Thedeen, chair of the Basel Committee on Banking Supervision, urged nations to finalize the Basel III Endgame capital rules, emphasizing their importance for global financial stability. He criticized bank lobbying against stricter standards, arguing that weaker regulations could lead to long-term economic pain. As U.S. regulators remain divided on implementing these rules, Thedeen called for consistency among countries to avoid a fragmented regulatory landscape.
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