OSFI continues building climate resilience

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Summary:

The Office of the Superintendent of Financial Institutions (OSFI) has released updates to Guideline B-15: Climate Risk Management, aligning the expectations for federally regulated financial institutions (FRFIs) with the International Sustainability Standards Board's final IFRS S2 Climate-related Disclosures standard. The updates aim to streamline climate disclosures and promote transparency of climate-related risks. Additionally, OSFI is releasing new Climate Risk Returns to collect standardized climate-related data on emissions and exposures from FRFIs, following an extensive consultation.