气候风险：金融监管机构的作用

N O T E S&M A N U A L SN O T E S&M A N U A L S Climate Risks The Role of Financial Regulators Nila Khanolkar, David Lukáš Rozumek, and Peter Windsor TNM/2026/01 TECHNICAL NOTES AND MANUALS Climate RisksThe Role of Financial Regulators Nila Khanolkar, David Lukáš Rozumek, and Peter Windsor © 2026 International Monetary Fund Cataloging-in-Publication DataIMF Library Names: Khanolkar, Nila, author. | Rozumek, David Lukáš, author. | Windsor, Peter J, author. | InternationalMonetary Fund, publisher. Title: Climate risks : the role of financial regulators and supervisors / Nila Khanolkar, David LukášRozumek, Other titles: The role of financial regulators and supervisors. | Technical notes and manuals.Description: Washington, DC : International Monetary Fund, 2026. | Feb. 2026. | TNM 2026-01. | Includes Identifiers: ISBN:9798229030137(paper)9798229030281(ePub)9798229030243(web PDF) Subjects: LCSH: Climate change mitigation—Economic aspects. | Finance—Law and legislation.Classification: LCC HC79.E5 K4 2026 DISCLAIMER: Technical Notes and Manuals present general advice and guidance, drawn in part from unpublishedtechnical assistance reports, to a broader audience. The views expressed in this technical note are Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesPO Box 92780, Washington, DC 20090, USAT. +(1) 202.623.7430 Contents I.Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2The Mandates of Supervisory Authorities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Leveraging Existing Regulatory and Supervisory Tools. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Strengthening Information and Data Sets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4II.Banking Regulation and Supervision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Box Executive Summary The priority for financial sector supervisors with respect to climate risks should be to foster the resilienceof financial institutions and ensure fair, efficient, and transparent markets. Prudential supervisors, includingbanking and insurance supervisors, should focus their efforts on ensuring the soundness, resilience, Supervisors should focus on their core mandates. To remain effective, prudential and conduct regulationand supervision need to stay risk focused. Supervisors should not intervene to drive green investments,which are typically driven by the private sector and other public authorities; using regulatory and supervi-sory tools as substitutes for market-driven developments or fiscal, environmental, and other policies risks Regulatory and supervisory approaches should align with international standards and leverage the existing,already well-developed toolboxes. Financial regulatory and supervisory frameworks should align with Emerging market jurisdictions should consider the materiality of climate risks to the financial sector and actaccordingly. Determination of such materiality should be data driven and evidence based rather than drivenby political agendas or public sentiment on the topic. If climate risks are not material, supervisors should firstfocus on getting the basics right: incorporating climate-related aspects into weak prudential and conduct I. Introduction Financial sector regulators and supervisors are increasingly facing challenges concerning their role withrespect to climate risks. In the past decade, climate efforts and related discussions have significantlyincreased, bringing to the fore the roles of different stakeholders, public and private, in addressing climaterisks. In this context, financial sector regulators and supervisors are increasingly called upon to address This paper explores the role of financial sector regulators and supervisors with respect to climate risks.It discusses the importance of adhering to core mandates and alignment with international standards.It also discusses how existing regulatory and supervisory tools and approaches can be leveraged to address The Mandates of Supervisory Authorities Supervisors should focus on their core mandates. To remain effective, prudential and conduct regulationand supervision need to stay risk focused. Supervisors should not intervene to drive green investments, as itis the role of the private sector and other public authorities to do so. Generally, using regulatory and super-visory tools as substitutes for market-driven developments or for fiscal, environmental, and other policies At the same time, where climate-related risks are material to the financial sector, it is incumbent upon super-visors to incor