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1、ClimateriskregulationinAfrica,sfinancialsectorandrelatedprivatesectorinitiativesBaseline study November 2021GLOBALCENTER ONADAPTATIONThis report was prepared by the following organisations:About心口* UeVEL0f*VEH BANK GROUPGLOBALCENTER ON ADAPTATIONUNeviromnifinanceprotMmMtt*UvTheAfricanDevelopmentBank
2、(AfDB)isamultilateraldevelopmentfinanceinstitutionestablishedin1964withthemissiontohelpreducepoverty,improvelivingconditionsforAfricans,andmobiliseresourcesforthecontinentsenomicandsocialdevelopment.TheinstitutionaimsatassistingAfricancountries-individuallyandcollectively-intheireffortstoachievesust
3、ainableeconomicdevelopmentandsocialprogress.Tothisend,theBankseekstostimulateandmobiliseinternalandexternalresourcestopromoteinvestmentsaswellasprovideitsregionalmembercountrieswithtechnicalandfinancialassistance.www.afdb.orgTheGlobalCenteronAdaptation(GCA)isaninternationalorganisation,hostedbytheNe
4、therlands,whichworksasasolutionsbrokertoaccelerateactionandsupportforadaptationsolutionsfromtheinternationaltothelocal,inpartnershipwiththepublicandprivatesectors,toensuretoensurethattheglobalcommunitylearnsfromeachotherandworkstogether.www.gca.orgUnitedNationsEnvironmentProgramme-FinanceInitiative(
5、UNEPFl)isapartnershipbetweenUNEPandtheglobalfinancialsectortomobiliseprivatesectorfinanceforsustainabledevelopment.UNEPFlworkswithmorethan400members,includingbanks,insurers,investors,andover100supportinginstitutions,tohelpcreateafinancialsectorthatservespeopleandplanetwhiledeliveringpositiveimpacts.
6、ByleveragingtheUNsrole,UNEPFlacceleratessustainablefinance.www.unepfi.orgContentsDisclaimerI5AcknowledgementsI5ExecutivesummaryI61IKeyinsights1.1 Context,objectives,andscopeofthestudy1.1.1 AfricaisoneofthemostexposedregionstoI10fromtheregulatoryclimatechangewithhalfofthe10countriesmostaffectedbyclim
7、atechangelocatedbaselinestudyonthecontinent1.1.2FinancialsectorconsiderationsofclimatechangeriskshavegainedmomentumgloballyinI10thepast10years1.1.3Takingstockofthestatusofclimate-riskintegrationinfinancialsectorprudentialregulatoryframeworksacrossselectedI12Africancountries1.2Perspectivesontheintegr
8、ationofclimateriskbyregulators,supervisors,andprivatesectorI16playersacrossAfrica1.2.1Climateriskisatoppriorityforalmost17allauthorities1.2.2Whilemostauthoritiesarecurrentlydefiningtheirapproachesonclimaterisk,fewcountries17haveissuedbindingregulationstodate1.2.3Authoritiesareconsideringadditionalre
9、gulatorymeasurestostrengthenthefinancialindustrys18integrationofclimaterisk1.2.4Keychallengesincludealackofdata,internalcapabilities,internationalstandards,20andcommonmethodologies1.2.5CollaborationandtechnicalassistanceareconsideredpowerfulenablerstostrengthenI21climateriskmanagement221.3Outlook:po
10、tentialactionsforstakeholders232ICountryprofiles2.1Countryanalysis-DemocraticRepublicoftheCongo(DRC)242.1.1Financialstabilityarchitecture242.1.2Climaterisk-relatedinitiatives242.2Countryanalysis-Egypt242.2.1Financialstabilityarchitecture242.2.2Climaterisk-relatedinitiatives252.3Countryanalysis-Ghana
11、252.3.1Financialstabilityarchitecture252.3.2Climaterisk-relatedinitiatives262.4Countryanalysis-Kenya272.4.1Financialstabilityarchitecture272.4.2Climaterisk-relatedinitiatives272.5Countryanalysis-Mali292.5.1Financialstabilityarchitecture292.5.2Climaterisk-relatedinitiatives292.6Countryanalysis-Maurit
12、ius292.6.1Financialstabilityarchitecture292.6.2Climaterisk-relatedinitiatives302.7Countryanalysis-Morocco312.7.1Financialstabilityarchitecture312.7.2Climaterisk-relatedinitiatives312.8Countryanalysis-Nigeria322.8.1Financialstabilityarchitecture322.8.2Climaterisk-relatedinitiatives332.9Countryanalysi
13、s-Rwanda342.9.1Financialstabilityarchitecture342.9.2Climaterisk-relatedinitiatives342.10Countryanalysis-SouthAfrica352.10.1Financialstabilityarchitecture352.10.2Climaterisk-relatedinitiatives352.11Countryanalysis-Tunisia372.11.1Financialstabilityarchitecture372.11.2Climaterisk-relatedinitiatives372.
14、12Countryanalysis-Zimbabwe382.12.1Financialstabilityarchitecture382.12.2Climaterisk-relatedinitiatives38Abbreviationsandacronyms39References40Methodology42Appendix-Detailedregulationanalysis43TableofFiguresFigure1:Transmissionchannelsfromclimateriskstofinancialrisks110Figure2:Halfofthe10countriesmos
15、taffectedbyclimatechangeareinAfrica111Figure 3: NGFScommitmentsforclimate-relatedrisks113Figure 4: 20+interviewswithauthoritiesandprivateplayerscovering10+countrieswereorganisedbetweenSeptember-October2021116Figure 5: Alargemajorityofauthoritiesareconsideringclimate-relatedrisksasatoppriority117Figu
16、re 6: Overviewofclimaterisk-relatedregulationsandinitiativesacrossselectedAfricanregions118Figure 7: Authoritiesaremainlyconsideringorimplementingadditionalnonbindingmeasurestostrengthentheintegrationofclimateriskbythefinancialindustry120Figure 8: Mainchallengesindicatedbyauthorities121Figure 9: Mai
17、nchallengesindicatedbyprivateplayers122Figure 10: Overviewofmembershipsininternationalclimate-relatedinitiativesbycountry123Figure 11: Overviewofregulations,supervisorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinEgypt125Figure 12: Overviewofregulations,supervisorymeasures,andprivatesec
18、torinitiativesrelatedtoclimateriskinGhana126Figure 13: Overviewofregulations,supervisorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinKenyaFigure 14: Overviewofregulations,supervisorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinMauritiusFigure15:Overviewofregulations,supervi
19、sorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinMorocco131Figure 16: Overviewofregulations,supervisorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinNigeriaFigure 17: Overviewofregulations,supervisorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinRwanda34Figure 18
20、: Overviewofregulations,supervisorymeasures,andprivatesectorinitiativesrelatedtoclimateriskinSouthAfricaFigure 19: Overviewofspecificandprinciple-basedregulations143Figure 20: Detailedanalysisofspecificregulations144DisclaimerThisreportwasauthoredbytheAfricanDevelopmentBank(AfDB)5theGlobalCenteronAd
21、aptation(GCA),andUNEnvironmentProgrammeFinanceInitiative(UNEPFl)withanalyticalsupportfromMcKinsey&Company.Theauthorsareresponsiblefortheconclusionsandrecommendationsoftheresearchanddonotguaranteetheaccuracyofthedataincludedinthispublicationandacceptnoresponsibilityforanyconsequenceoftheiruse.Bymakin
22、ganydesignationoforreferencetoaparticularterritoryorgeographicarea,orbyusingtheterm,country,inthisdocument,AfDB1GCA,andUNEPFldonotintendtomakeanyjudgmentsastothelegalorotherstatusofanyterritoryorarea.MentionofacommercialcompanyorproductinthisdocumentdoesnotimplyendorsementbyAfDB,GCA,andUNEPFl.Theuse
23、ofinformationfromthisdocumentforpublicityoradvertisingisnotpermitted.Trademarknamesandsymbolsareusedinaneditorialfashionwithnointentiononinfringementoftrademarkorcopyrightlaws.AcknowledgementsTheAfricanDevelopmentBank,GCAandUNEPFlwouldliketothankallthosewhogenerouslysharedtheirtimeandinsights.Inpart
24、icular,wewouldliketothank:FromtheAfricanDevelopmentBank-StefanNalletamby(DirectorFinancialSectorDevelopment)-Al-HamndouDorsouma(ActingDirectorClimateChange&GreenGrowth)-GarethPhilips(Environment&ClimateFinanceDivisionManager)FromtheGlobalCenterforAdaptation-AnthonyNyong(RegionalDirectorAfrica)Fromth
25、eUNEPFinanceInitiative-EricUsher(UNEPFlHead)-LieselvanAst(MembershipandRegionalCoordinationManager)FromtheWorkingGroup-AfDB:DavinahMilenge5SofianeSekioua1RajhiHachem1DavidAshiagbor,andMelissaMurara-UNEPFl:ReubenWambuiandDavidCarlin-GCA:MariaTapiaExecutivesummary1 The Global Climate Risk Index 2021 a
26、nalyses and ranks to what extent countries and regions have been affected by impacts of climate-related extreme weather events (storms, floods, heatwaves, etc.). The most recent data available for 2019 and from 2000 to 2019 were taken into account. The three countries most affected in 2019 were Moza
27、mbique and Zimbabwe, as well as the Bahamas. The Climate Risk Index (CRI) indicates a level of exposure and vulnerability to extreme events, which countries should understand as warnings in order to be prepared for more frequent and more severe events in the future. Impacts from extreme-weather even
28、ts hit the prest countries hardest as these are particularly vulnerable to the damaging effects of a hazard, have a lower coping capacity and may need more time to rebuild and recover.2 Global Climate Risk Index 2021, GermanWatch, 2021.Extremeweatherphenomenasuchasrisingtemperaturesandtheincreasingf
29、requencyofdroughtsandfloodsareaffectinglivesandlivelihoodsinAfrica.AccordingtotheGlobalClimateRiskIndex2021,fiveAfricancountriesrankedamongthe10countriesmostaffectedbyextremeweatherin2019:Mozambique(first),Zimbabwe(second),Malawi(fifth),SouthSudan(eighth),andNiger(ninth).2Thenegativesocietaleffectso
30、fclimatechange,suchaslossoflifeandlivelihoods,arealreadyandwillcontinuetobetragicandsevere,andareakeyconcerntogovernmentsandindividuals.Morefrequentandsevereweatherevents,aswellasadelayedtransitiontoalow-carboneconomyandtheincreasinglymaterialfinanciallossesthesedirectlyandindirectlycausearealsoimpa
31、ctingthefinancialsystem,withpotentialsystemicconsequencesforfinancialstability.Thethreatposedtotheglobalfinancialsystembyclimate-relatedrisksisrecognisedbytheFinancialStabilityOversightCouncils2021reportonclimate-relatedfinancialriskandtheNetworkforGreeningtheFinancialSystems(NGFS)October2021progres
32、sreportonglobalsupervisoryandcentralbankclimatescenarioexercises.Extremeweathereventscouldleadtodamageofphysicalassets,includingrealestate,productivecapital,andinfrastructure,consequentpropertyandcasualtyinsurancelosses,damagetobalancesheetsofhouseholdsandfirms,increasesindefaults,andpotentialfinanc
33、ialsectordistress.Alateorsuddentransitiontoalow-carboneconomycouldresultinanabruptrepricingofclimate-relatedrisksandstrandedassets,whichcouldnegativelyimpactthebalancesheetsoffinancialinstitutions(FIs).Globally,thefinancialsector,sconsiderationofclimatechangeriskshasgatheredmomentuminthepast10years.
34、Thishasmanifested,forexample,inthedevelopmentoftheTaskForceonClimate-RelatedFinancialDisclosures(TCFD)recommendations,theNGFS1andvariousinitiativesundertheUnitedNationsEnvironmentProgrammeFinanceInitiative(UNEPFl),suchasthePrinciplesforResponsibleBanking(PRB)5CollectiveCommitmenttoClimateAction(CCCA
35、),andtheNet-ZeroAlliances.Whilesomecountriesandregionsareactivelydrivingtheirfinancialsectors,approachestoclimaterisksthroughregulatoryrequirements,otherjurisdictionsaremoreinfluencedbyprivatesectorefforts.Thisreportseekstoassesstheintegrationofclimate-relatedrisksintheprudential,financial,regulator
36、y,andsupervisoryframeworksofaselectionofAfricancountriesandidentifypotentialleverstoincentivisetheirinternalisation.Itdoesnotexplorebroadergreensstainablefinance-relatedinitiatives,likebondsandprinciples.Toassessthestatusofclimateriskintegration,25interviewswerecompletedwith11financialsectorauthorit
37、iescovering17c0untries3and14largeprivatesectorplayers(banksandinsurers)fromsevencountries,covering19countriesintotal.(SeelistofintervieweesinMethodology).Thesamplehasbeenbuilttorepresentadiversesetofcountriesintermsofgeographicalareasandeconomicdevelopment.Keytakeaways Nineoutofthe11authoritiesinter
38、viewed(82%)considerclimateriskahighorveryhighpriorityontheiragendas Todate,fewfinancialsectorregulatorsandsupervisorshavepublishedregulationsorsupervisoryexpectationswithrespecttoFls,climateriskmanagementpractices.Basedonourinterviews,mostfinancialsectorregulatorsandsupervisorshavenotexplicitlyaddre
39、ssedclimate-relatedorbroadersustainability-relatedrisksthroughbindingregulationsandsupervisoryguidelines.Whileauthoritiescanconsidertheserisksaspartoftheirexistingmandates,thereareongoingeffortstodevelopeffectiveandcompleteframeworkstoidentify,assess,manage,anddiscloseclimate-relatedrisksalignedtopr
40、ivatesectordevelopments. Thecountriesandregionsinthisassessmentcanbegroupedintothreebroadarchetypesbasedoncurrentregulatoryandsupervisoryapproaches:1. Established:Countriesthathavepublishedordraftedaspecificprudentialregulationtoidentify,measure,andmanageclimate-relatedrisks.Examplesofcountriesinthi
41、sarchetypeareMauritiusandKenya.OnOctober15,2021,theCentralBankofKenya(CBK)issuedtheGuidanceonClimate-RelatedRiskManagementtocommercialbanksandmortgagefinancecompanies,enablingbankstointegrateclimate-relatedopportunitiesandrisksintheirgovernancestructure,strategy,andriskmanagementframeworks.Further,i
42、twillguidetheseinstitutionsindisclosingclimate-relatedinformationtotheirstakeholders.Theprinciplesarebinding,withbanksrequiredtocomply.TheBankofMauritius(BoM)publisheddraftGuidelinestosupportFIsintegrationofclimate-relatedandenvironmentalrisksonSeptember30,2021.Thisdraftisscheduledtobefinalisedbythe
43、endof2021andisbinding,withFlsexpectedtocomply.2. Emerging:Countriesthathaveimplementedotherregulations/guidanceorengagedwithindustry(forexample,principle-basedregulations,disclosurestandards,stresstests,andbestpracticeguidance).ExamplesofcountriesinthisarchetypeareEgypt,Ghana,Morocco,Nigeria,SouthAf
44、rica,andZimbabwe.Regardingdisclosurestandards,inMarch2021EgypfsFinancialRegulatoryAuthority(FRA)publishedresolutions107/2021and108/2021,whichrequirelistedcompaniesandnon-bankFlstomakeEnvironmental,Social,andGovernance(ESG)disclosuresandTCFDdisclosures,dependingontheirsize(issuedcapital,netequity).In
45、termsofpublishedguidelines/bestpractices,theCentralBankofEgypts(CBE)GuidingPrinciplesonSustainableFinancealsoaddressclimaterisks(especiallythefourthprinciple).WhilethesePrinciplesarenon-binding,privatesectorplayersindicatedthatCBEisfollowingupregularly.InMorocco,BankAl-Maghrib(BKAM)issuedDirectiveno
46、5W2021inMarch2021,anonbindingbestpracticeguidancerequiringcreditinstitutionstoidentifyanddisclosepotentialsourcesofclimate-relatedandenvironmentalrisksaswellastoensuretheirmeasurement,management,monitoring,andcontrol.3. Initiating:Countriesthathavenotyetstartedintegratingclimaterisksintotheirregulat
47、ory/supervisoryactions(butmayhaveinitiatedworkthroughinternationalornationalcollaboration).ExamplesofcountriesinthisarchetypeareUnionMonetaireOuestAfricaine(UMOA)members,5aswellastheDRC,Tunisia,andRwanda.Authoritiesareconsideringadditionalregulatorymeasurestostrengthenthefinancialindustrysintegrationofclimaterisk.一Definingriskassessmentmethodologies,suchasclimatestresstests,isconsideredrelevantby82%ofauthoritiesinterviewedbutimplementedinonlyoneofthefeature
