BSP governor leads FSB-RCGA in discussing climate-related financial risks

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno led the Financial Stability Board Regional Consultative Group for Asia (FSB-RCGA) in tackling climate-related financial risks during a recent online FSB-RCGA meeting.

FSB-RCGA members shared their progress on actions to address financial risks from climate change, provided updates on the FSB’s overall work program, and identified areas where RCG Asia members can contribute.

The meeting also convened senior representatives of financial and supervisory authorities from key Asian economies to discuss financial market developments related to the Russian invasion of Ukraine, including elevated and highly volatile commodity prices and the implications for financial stability.

The FSB RCG Asia is co-chaired by Governor Diokno and Reserve Bank of India Deputy Governor Rajeshwar Rao.

Some of the senior officials who attended the meeting include RBI Executive Director Saurav Sinha, FSB Deputy Secretary-General Rupert Thorne, Bank Indonesia Deputy Governor Juda Agung, Bank Negara Malaysia Deputy Governor Jessica Chew Cheng Lian, and Ministry of Finance (India) Senior Economic Adviser Shashank Saksena. More than 60 participants from 16 jurisdictions attended the meeting.

Members of the RCG Asia include financial authorities from Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.

The FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries. These groups serve as platforms for the exchange of views on vulnerabilities affecting financial systems and on initiatives to promote financial stability. Typically, each Regional Consultative Group meets twice a year.