Climate Risk Finance Tools
Credit union supervisors are increasingly consider the impact of climate change on credit unions and the new risks that its presents for credit unions and their members. Several jurisdictions have begun to issue guidance for credit unions related to climate risk and there have been very few regulations yet in this area. Examples of some of the guidance that has been developed is provided below and this will be an on-going area of policy development for ICURN and its members.
Central Bank of Ireland's Guidance for (Re)Insurance Undertaking of Climate Change Risk from March 2023.
Ecuador's Superintendent of the Popular and Solidarity Economy issues Guidance For Credit Unions on Climate Risk.
South Africa Reserve Bank issues Guidance on Climate Related Risks for banks, mutual banks and insures. It does not apply to cooperative banks and cooperative financial institutions at this stage.
Washington State Department of Financial Institutions issues Climate Change Alert to financial institutions