BoE working groups focus efforts on transition frameworks, disclosures and scenario planning

At the Bank of England's (BoE) Climate Financial Risk Forum, multiple working groups discussed the challenges and way forward for climate-risk mitigation by companies. The Transition to Net Zero Working Group agreed that firms would benefit from a framework to guide their transition. According to the BoE, this would include "managing the financial impact of the transition on relevant firms and exploring the additional role they can undertake to contribute towards the real economy transition in a way that reduces future system-wide risks". In addition, the Disclosure, Data and Metrics Working Group discussed the need to assess disclosures against global norms. The Scenario Analysis Working Group is set to release the online scenario analysis narrative tool this year.