U.S. regulators seen developing ‘green taxonomy’ to provide guidance to financial firms

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An aerial view shows a forest fire in the 30 km (19 miles) exclusion zone around the Chernobyl nuclear power plant, Ukraine, April 12, 2020.

2021-07-14 22:04:41 GMT+00:00 – By Henry Engler

NEW YORK(Thomson Reuters Regulatory Intelligence) – Giving financial firms a common taxonomy and framework for managing their climate risk exposures is seen as one of the first coordinated actions by U.S. financial regulators, say experts, with efforts by the European Union possibly serving as a model to future regulation.

Speaking with one voice has long been a challenge for U.S. regulators given the patchwork of responsibilities and rules of multiple agencies. With climate risk regulation still in the development phase, coordination among banking, securities and derivatives regulators is seen as an essential step toward providing firms with a clear understanding of what is expected from them.

In a recent analysis by PwC, the consultancy, acting comptroller of the…

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