The Chinese central bank indicated it would throw its weight behind the development of a standardised international climate reporting framework on Friday, after starting “stress testing” of its financial sector in relation to the risks posed by global warming.
The People’s Bank of China plans to introduce “mandatory disclosure of climate-related information,” said governor Yi Gang, speaking at a conference hosted by the Bank for International Settlements, the so-called central bankers’ bank. He did not outline a timeframe for doing so.
Asked about his message for the G20 group of nations ahead of the G7 leaders meeting in the UK next week, the Chinese central bank chief said he hoped the countries could agree on a “disclosure standard by the end of this year.”