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Climate Financial

RISK FORUM

Established in 2019, the Climate Financial Risk Forum (CFRF) brings together senior financial sector representatives to share their experiences in managing climate-related risks and opportunities.

Convened by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the CFRF builds capacity and shares best practice across financial regulators and industry to advance the sector’s responses to the financial risks from climate change.

The UK Centre for Greening Finance and Investment (UKCGFI) and the Climate Financial Risk Forum (CFRF), have worked together to gather and synthesise the lessons from the process of the Bank of England’s Climate Biennial Exploratory Scenario (CBES) through a series of surveys and interviews with appropriate individuals involved in the process from the CBES participating firms, with validation through workshops in 2023.

Visit the project page to learn more and read Survey Report output from the collaboration.

Climate Risk Product Providers Database

CGFI maintains the CFRF list of climate risk product providers, a collection of currently available climate risk data, tools and products for financial institutions.

This is compiled on a best-efforts basis and is not exhaustive. Inclusion on the list does not indicate use of or endorsement by the CFRF.

To submit a product for future updates, please download the template here and send the completed template to information@cgfi.ac.uk.

The CGFI hosts the CFRF Climate Narrative Tool. This online climate scenario analysis tool is designed to support firms
in assessing their climate-related risks and opportunities.

The tool summarises climate-related risks and opportunities for banks, insurers and asset managers based on the business activities, products, or risks of the firm and the materiality of different lending exposure types, underwriting classes, asset classes, and economic sectors for the firm. 

Acting on the climate crisis: CFRF case studies​

There is a shared responsibility across financial institutions and regulators to help steward the real economy to net zero. The Innovation Working Group of the Prudential Regulation Authority and Financial Conduct Authority’s Climate Financial Risk Forum seeks to highlight actionable innovation opportunities to mobilise financial capital and steward an economy-wide transition to meet climate targets.

Nigel Wilson, Group CEO, Legal & General chairs the Innovation Working Group and introduces a video series of practical pilots and emerging and active innovation activities across the sector as part of their 2021 report launch. In seeking to progress understanding, the Innovation Working Group of the Climate Financial Risk Forum is mindful that innovation is happening at pace, through the activities of multiple firms, public agencies and non-profits, nationally and internationally.

The case studies provided are not exhaustive, instead they seek to illustrate examples of leading-edge activities which are emblematic of innovation on levers of change in the financial system which could be scaled and replicated by others.

Citi

Legal & General

West Midlands Combined Authority

Green Finance Institute

Ice Breaker One

Royal London

Abundance