OSFI discussion paper on climate related risks in the financial sector

On January 11, 2021, OSFI launched a three-month consultation with the publication of a discussion paper Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks. The paper outlines climate-related risks that can affect the safety and soundness of federally regulated financial institutions and federally regulated pension plans. The consultation period ended on April 12, 2021 and OSFI is currently reviewing the submissions received from stakeholders.