BIS and Climate Change: Key Milestones Since the COVID-19 Pandemic"
Wednesday, March 15, 2023
BIS and Climate Change: Key Milestones Since the COVID-19 Pandemic
For Compliance Officers, staying informed about the Bank of International Settlements (BIS) and its role in addressing climate change is crucial. Since the onset of the COVID-19 pandemic, the BIS has taken significant steps in this arena. In this article, we'll explore the key milestones in the BIS's efforts to combat climate change:
September 26, 2019:
The BIS launches the first-ever green bonds for central banks, denominated in US dollars, marking a significant foray into sustainable finance.
January 20, 2020:
The BIS, in collaboration with Banque de France, publishes "The Green Swan: Central Banking and Financial Stability in the Age of Climate Change," shedding light on the critical relationship between central banking and climate-related financial stability.
October 2020:
The BIS receives the 2020 FinTech and RegTech Global Award in the Sustainability category, recognizing its leadership in promoting sustainable practices within the financial sector.
January 22, 2021:
Green finance takes center stage as a key aspect of the inaugural work program of the BIS Innovation Hub (BISIH), underscoring its commitment to fostering innovation in sustainable finance.
January 25, 2021:
The BIS issues its second green bond emission for central banks, this time denominated in euros, expanding its efforts in promoting environmentally responsible finance.
June 2021:
The BIS, along with Banque de France, the IMF, and the Network for Greening the Financial System (NGFS), hosts the first Green Swan conference, providing a platform for discussions on climate-related financial risks and solutions.
June 2021:
The BIS unveils its first interactive dashboard featuring key statistics on green and sustainable bonds, enhancing transparency in the green finance landscape.
July 2021:
The Climate Training Alliance (CTA) is established by the BIS, the International Association of Insurance Supervisors (IAIS), and the NGFS. Its aim is to enhance supervisory training for climate risk management, recognizing the importance of climate-related knowledge in regulatory roles.
November 4, 2021:
The BIS and the Hong Kong Monetary Authority (HKMA) launch the green bond tokenization program, known as Project Genesis, further innovating in the realm of sustainable finance.
February 2022:
The BIS introduces its third green bond fund, with a particular focus on the Asia-Pacific region, supporting the growth of sustainable finance in this crucial area.
May-June 2022:
The BIS, along with the European Central Bank (ECB), NGFS, and the People's Bank of China (PBoC), organizes the second Green Swan Conference, bringing together global stakeholders to discuss climate-related financial challenges and solutions .
May-June 2023:
The BIS, in collaboration with the NGFS and the central banks of Chile and South Africa, hosts the third Green Swan Conference, continuing its commitment to advancing the agenda of climate-conscious finance.
Read also: Boosting Sustainable Finance: EU's New Voluntary Green Loan Label Unveiled
These milestones illustrate the BIS's ongoing dedication to addressing climate change and promoting sustainable financial practices, making it a vital player in the global effort to combat environmental challenges. Compliance Officers should closely monitor these developments as they shape the future of finance in a climate-conscious world.
