Since 2019, the DFSA has been proactively coordinating our approach to ESG within international standard-setting bodies such as the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS). We also cooperate with many multilateral bodies and regulatory partners bilaterally to build capacity, exchange best practices and experiences.
In 2020, we became an active member of:
Network for Greening the Financial System (NGFS)
We have participated in the work to formulate the first supervisory guidelines on climate and environmental risk management published by the NGFS in 2020. We continue our participation via dedicated workstreams on, among other issues, supervision, risk scenarios and legal risks.
UN Environmental Programme-sponsored Sustainable Insurance Forum (SIF)
We have welcomed the strategic partnership that SIF has established with the IAIS, which has positioned climate change as a key theme in its strategic plan for the coming years.
We are also following closely developments at other recently formed bodies such as the International Sustainability Standards Board (ISSB). We contributed to the public consultation on the ISSB’s Exposure Drafts on General Sustainability-related Disclosure and Climate-related Disclosure Standards.
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