Participating in COP26, in Glasgow, the director of International Affairs and Corporate Risk Management of the Central Bank, Fernanda Guardado, said that the monetary authority will give priority, at first, to the requirement of qualitative information regarding ESG risks ( environmental, social and governance) in financial institutions.
According to her, the implementation of a sustainability agenda takes time and, therefore, requires a gradual timetable for a viable implementation.
“The BC will request qualitative information from financial institutions and, at a later stage, quantitative information,” he said on Wednesday (3).
Starting in July 2022, BC will require banks and other financial institutions to incorporate in their stress tests themes related to climate change, such as droughts, floods and fires. It is also mandatory that weather information is included in the financial reports passed on to investors.
Guardado also highlighted that the scope of the Task Force on Climate-Related Financial Disclosures (TCFD) in Brazil goes beyond the climate perspective, expanding to include social and environmental issues.
Her participation replaced BC president Roberto Campos Neto, who was unable to attend the event due to a muscle injury.
Reference: CNN Brasil
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