2020年英格蘭銀行與氣候相關的財務信息披露 - 英格蘭銀行（英文版）（35頁）.pdf

1、 Contents Foreword 1 Executive summary 3 1 The Banks approach to disclosure 6 2 Governance 7 3 Strategy 9 4 Risk management, metrics and targets 15 Box 1 Data quality and limitations 19 Box 2 APF corporate portfolio eligibility criteria 24 Box 3 Illustrative metric of APF corporate holdings forward-

2、looking emissions performance against climate goals 27 Annex 1 Abbreviations 30 Annex 2 Bank carbon target for 2030 31 Bank of England 2020 The Bank of Englands climate-related financial disclosure 2020 June 2020 1 Foreword The Covid-19 pandemic is causing unprecedented disruption to our daily lives

3、 and the global economy. The threat from climate change is just as real and potentially at least as devastating. It will ultimately transform the way we live, our economies, and the planet itself. To meet both challenges we must draw on the collective efforts of industry, scientists, governments, re

4、gulators, and each of us as individuals. We all have a role to play, and the Bank is no exception. In order for governments to make informed policy choices, investors to make informed investments, and consumers to make informed spending decisions, they need to understand how companies activities con

5、tribute to climate change. That is why the Bank has supported the Financial Stability Boards work on climate disclosure through the Task Force on Climate-related Financial Disclosures (TCFD). As of February 2020, more than 1000 organisations, representing a market capitalisation of over $16.7 trilli

6、on and controlling assets of $138 trillion, have pledged their support.1 We are working domestically2 and internationally3 with industry, government, regulators and other central banks to promote the adoption of TCFD and improve the quality of climate disclosures. The Bank sits at the heart of the f

7、inancial system and so it is important we hold ourselves to the same high standards as the firms we regulate. Therefore, in this report, the Bank is disclosing for the first time its own approach to climate risk management for all its operations. We have sought to use the latest techniques available

8、, but this is an evolving science and so our approach will develop over time. The temptation for any organisation is to only reach for tools that already exist and operate within the comfort of precedent, but if we are to encourage others to take a leap forward, for example through our supervisory e

9、xpectations4, then we must also be willing to innovate and break new ground. I am pleased that, as this report shows, the Bank has exceeded its targets on emissions from its physical activities, such as the production of bank notes, the carbon footprint of its buildings, and business travel. Using n

10、ew metrics, we have identified that the Banks financial activities, including the asset portfolios held for policy and other purposes, are for the most part ahead of G7 emissions benchmarks, reflecting the progress made to date in decarbonising the UK economy. In a similar manner, the carbon intensi

11、ty of our holdings of UK sterling corporate bonds (2% of the portfolio) reflects the position of the UK market generally. However, there remains a gap between the associated carbon outputs of these holdings and the Paris goals.5 This demonstrates the additional work needed to meet the UKs goal of ne

12、t-zero emissions by 2050. We have learned much from this process and as our understanding of climate risks continues to improve, we will go further, enhancing our metrics and updating our approach by the time of our next report. 1 TCFD press release More than 1000 global organizations declare suppor

13、t for the Task Force on Climate-related Financial Disclosures and its recommendations, February 2020: https:/www.fsb-tcfd.org/wp-content/uploads/2020/02/PR-TCFD-1000-Supporters_FINAL.pdf. 2 The Bank is part of a UK regulators taskforce led by the UK government to examine the most effective way to ap

14、proach climate disclosure. The taskforce was created as part of the launch of the UK Green Finance Strategy: https:/www.gov.uk/government/publications/green-finance-strategy. 3 The Bank is a founding member of the Network for Greening the Financial System: 4 Supervisory Statement 3/19, April 2019: h

15、ttps:/www.bankofengland.co.uk/prudential-regulation/publication/2019/enhancing-banks- and-insurers-approaches-to-managing-the-financial-risks-from-climate-change-ss. 5 As part of the 2016 Paris Agreement, signatory nations committed to limit the rise in global average temperature to well below 2 deg

16、rees above pre-industrial levels, and to pursue efforts to limit the increase to 1.5 degrees. The Bank of Englands climate-related financial disclosure 2020 June 2020 2 As I set out to the Treasury Select Committee6 ahead of my appointment as Governor, it is vital the Bank continues to lead on the f

17、inancial risks from climate change. My predecessor, Mark Carney, made addressing the financial risks from climate change one of the Banks strategic priorities I intend for it to maintain this prominence. Andrew Bailey Governor of the Bank of England 6 Treasury Select Committee oral evidence, March 2

18、020: https:/committees.parliament.uk/work/73/appointment-of-andrew-bailey-as- governor-of-the-bank-of-england/publications/. The Bank of Englands climate-related financial disclosure 2020 June 2020 3 Executive summary For the first time, the Bank of England (the Bank) is publishing this report on cl

19、imate- related financial disclosure, setting out its approach to managing the risks from climate change across its entire operations, and the steps taken to improve the Banks understanding of these risks. Climate change creates financial risks that are far-reaching in breadth and scope. They will af

20、fect all agents in the economy and arise through two primary channels: the physical effects of climate change and the impact of changes associated with the transition to a net zero emissions economy. The Bank has highlighted the urgent need to assess, manage and deepen our understanding of the finan

21、cial risks from climate change. To ensure the market has the right information to price climate-related risk, the Bank has also been making the case for consistent, comparable, and comprehensive climate disclosures. As a prominent public institution sitting at the centre of the financial system, and

22、 a market participant in its own right, the Bank also recognises the importance of developing a thorough understanding of the climate risks across its own operations and managing these risks appropriately, including those arising from the financial assets it holds for policy and other purposes. In l

23、ine with its expectations of financial firms, the Bank is for the first time disclosing analysis of its own exposures to climate risks as part of its annual reporting. This report follows the Task Force on Climate-related Financial Disclosures (TCFD) framework, which is structured around four core e

24、lements: governance; strategy; risk management; and metrics and targets. Governance The governance of climate-related financial risks is included within the Banks governance structures. These have been complemented with climate-specific governance and risk processes where required. As part of this,

25、climate-related risks are discussed regularly at the Banks senior committees prior to decisions being implemented by management across the Bank. To ensure there are clear roles and responsibilities, the Bank has assigned an Executive Sponsor for climate-related risks this position is held by Sarah B

26、reeden, Executive Director for UK Deposit Takers Supervision. The Executive Sponsor is responsible for recommending to the Governors the Banks strategy for addressing the risks that climate change poses to the Banks objectives, and overseeing the implementation of that strategy. Strategy The Banks c

27、limate strategy is focused on understanding and mitigating the financial risks from climate change, which directly impact both its outward-facing policy remits, and its own operations. Reflecting the importance of this work, climate change was made one of the Banks strategic priorities in January 20

28、20. The UK Government has also recognised its importance through explicitly including climate change in the Financial Policy Committees (FPC) remit letter in March 2020 and setting out its intention to include it in the Prudential Regulation Committees (PRC) next remit letter. The Banks climate stra

29、tegy is structured around three themes: risk, reporting and return. Risk is focused on ensuring firms and investors can measure and manage the financial risks from climate change. Reporting is focused on improving the quantity and quality of climate-related disclosures by implementing a common frame

30、work built on the TCFD. And return is focussed on helping better equip firms and investors to identify the frictions and the opportunities in the transition to a carbon-neutral economy. Supporting all three strands of our strategy is analytical and research work to further understanding of the issue

31、 across all the Banks policy functions and international cooperation with other central banks and regulators. The Bank of Englands climate-related financial disclosure 2020 June 2020 4 Under its strategy of risk, reporting and return, the Bank has issued a range of expectations and undertaken a vari

32、ety of exercises that are designed to ensure financial firms manage these risks effectively. In April 2019, the Prudential Regulation Authority (PRA) published its supervisory expectations for banks and insurers approaches to managing the financial risks from climate change. This supervisory stateme

33、nt, a world first, set out how firms should consider climate change in their governance, risk management, scenario analysis, and disclosures. To support firms in addressing these expectations, in March 2019 the PRA and the Financial Conduct Authority set up the Climate Financial Risk Forum, through

34、which a group of industry representatives build capacity and share best practice on managing these risks. In 2021, building on the 2019 Insurance Stress Test, the Bank will also stress test the largest banks and insurers to the financial risks from climate change that could arise in a variety of dif

35、ferent climate scenarios.7 At an international level, the Bank actively promotes collaboration on climate-related risks via its work as a founding member of the Central Banks and Supervisors Network for Greening the Financial System and the Sustainable Insurance Forum. The Bank has also played an ac

36、tive role in encouraging coordinated action on risk assessment and disclosures internationally, particularly through the Financial Stability Board, and TCFD; and it is working domestically and internationally to explore methods to enhance disclosure, including possible paths to making it mandatory.

37、This work will also be addressed as part of the UK governments COP26 programme, which the Bank will actively support. Risk management, metrics and targets The Bank actively monitors its own exposure to climate change and how that exposure could impact the resilience of its operations. The process fo

38、r managing these risks is now established, but will continue to develop as data, methodologies and understanding of the underlying risks evolve. For this report, the Bank has assessed the financial risks from climate change across its entire operations, spanning both its physical activities (such as

39、 the production of bank notes and the carbon footprint of its buildings and travel) and its financial activities (including the asset portfolios, held for policy and other purposes). This report sets out the risks from climate change to these operations, how they are managed and the steps that have

40、been taken to improve the Banks understanding of them. The Bank had a target to reduce the carbon footprint of its physical activities by 20% between 2015 and 2020, it has exceeded this by cutting back emission from gas, fuel, electricity and business travel by 33% over the period. The Bank has set

41、a new target for 2030 to reduce its carbon footprint consistent with temperature warming of 1.5C above pre-industrial levels, which will require a 63% reduction in emissions relative to the 2016 baseline. The Bank uses 100% renewable energy across all its sites. This year, for the first time, an in-

42、depth exercise has been undertaken with external data providers to assess financial risks from climate change in the Banks financial asset portfolios. This has been undertaken through the use of a range of metrics that assess the carbon footprint and exposures arising from both transition and physic

43、al risks. These measures use relevant and available information, but this is a relatively new field, and these measures are subject to a number of caveats related to partial data availability, the use of unaudited data, modelling assumptions and methodological differences. Nevertheless, this report

44、sets out a range of metrics that seek to estimate climate risks in financial portfolios, as part of supporting further development of these methods. The Bank advocates disclosing in line with the best available information to aid transparency and to catalyse advancement of the field. By far the larg

45、est proportion (96%) of assets held in the Banks financial asset portfolios is held in a separate legal vehicle known as the Bank of England Asset Purchase Facility Fund (BEAPFF), indemnified by HM Treasury, to implement the Monetary Policy Committees (MPC) asset purchase programme. Of this, based o

46、n end- February 2020 data, 98% was invested in UK sovereign government bonds and 2% in UK sterling corporate bonds. The Banks portfolio is therefore materially aligned with that of the United Kingdom. The UK has a low carbon footprint relative to other large (G7) nations, measured on a production ba

47、sis broadly consistent with international standards, and this is reflected in the estimates of the carbon footprint of the Banks financial 7 The 2021 biennial exploratory scenario on the financial risks from climate change, December 2019: https:/www.bankofengland.co.uk/paper/2019/biennial-explorator

48、y-scenario-climate-change-discussion-paper. The Bank of Englands climate-related financial disclosure 2020 June 2020 5 asset holdings. The Banks largest portfolio the BEAPFF UK sovereign government bond portfolio has a weighted average carbon intensity of 202 tonnes of carbon dioxide (CO2) equivalen

49、ts per million of GDP, compared to a G7 reference portfolio of 336.8 However, as is widely accepted, despite this favourable starting position, the pace of change in the United Kingdom will need to increase to meet forward-looking national and international climate targets. Estimates of transition and physical risk in this portfolio also reflect those of the UK overall. On transition risk, the UK has some exposure to the risk of stranded oil and gas assets through its remaining North Sea reserv