Strategy of the financial market commission to face climate change

The phenomenon of climate change is taking place at a global level and every year that passes its existence and severity is confirmed by scientists and unfortunately by its harmful effects on nature and people. Additionally, climate change directly and indirectly impacts various economic activities at local and international levels. According to experts, its effects are expected to increase over time, gradually changing weather patterns and increasing the frequency and intensity of extreme weather events. As climate change negatively affects the real economy, these impacts may be transmitted to the financial sector aggravating various types of risks.

The Commission recognises that climate change is a financial risk and that it is important that this risk is properly managed by financial market participants. The Commission has defined three objectives in its response to climate change: (i) To encourage the disclosure of risks associated with climate change, (ii) To promote the integration of climate risks into risk management in the financial system and (iii) To promote the development of a green financial market. (Text in Spanish)