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US blamed for weakening Basel climate disclosure guidance
The Basel Committee on Banking Supervision’s “voluntary” framework for disclosing financial-related climate risks on banks’ balance sheets is a “serious step backwards” and a likely concession to the US, which sought to weaken the group’s climate task force, says Brussels non-profit Finance Watch.
Announcing the long-awaited framework on Friday, the committee stressed its voluntary nature, saying that “a reasonable level of flexibility” is needed given that the accuracy, consistency and quality of climate-related data is still evolving.
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