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September 26, 2022

Financial authorities in Asia tackle climate-related financial risks

Financial authorities in Asia led by Philippine central bank governor Benjamin Diokno discussed climate-related financial risks during a recent virtual meeting of the Financial Stability Board Regional Consultative Group for Asia (FSB-RCGA).

The outgoing Bangko Sentral ng Pilipinas (BSP) Governor co-chairs FSB RCG Asia with Reserve Bank of India Deputy Governor Rajeshwar Rao.

FSB-RCGA members shared their progress on actions to address financial risks from climate change, provided updates on the FSB’s overall work program, and identified areas where RCG Asia members can contribute.

The meeting also convened senior representatives of financial and supervisory authorities from key Asian economies to discuss financial market developments related to the Russian invasion of Ukraine, including elevated and highly volatile commodity prices and the implications for financial stability.

Some of the senior officials who attended the meeting include RBI Executive Director Saurav Sinha, FSB Deputy Secretary-General Rupert Thorne, Bank Indonesia Deputy Governor Juda Agung, Bank Negara Malaysia Deputy Governor Jessica Chew Cheng Lian, and Ministry of Finance (India) Senior Economic Adviser Shashank Saksena.

More than 60 participants from 16 jurisdictions attended the meeting.

Members of the RCG Asia include financial authorities from Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.

The FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries.

These groups serve as platforms for the exchange of views on vulnerabilities affecting financial systems and on initiatives to promote financial stability. Typically, each Regional Consultative Group meets twice a year.

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