FSB update on progress under 2021 roadmap on climate-related risks

The Financial Stability Board (FSB) has published its 2025 progress report on the implementation of its 2021 Climate Roadmap. The report provides a factual overview of progress made across four key areas: disclosures, data, vulnerability analysis, and regulatory and supervisory practices. Its publication does not imply that all G20 members endorse every aspect of the initiatives described. In addition to reviewing past progress, the report outlines the FSB's medium-term strategy for addressing potential climate-related financial risks, continuing its focus on the same four areas listed below.

This includes:

• Firm-level disclosures – efforts are underway to support jurisdictions in adopting and applying the 2023 International Sustainability Standards Board (ISSB) standards, alongside initiatives to build capacity and implement new global sustainability assurance and ethics standards.
• Data – international organisations, standard-setting bodies, and private sector actors are working to improve the availability of comprehensive, consistent and comparable climate-related data across jurisdictions to support financial risk analysis.
• Vulnerability analysis – work is being conducted to explore how climate shocks could affect the financial system, including the development of forward-looking metrics.
• Regulatory and supervisory practices and tools – sector-specific guidance is being developed by standard-setting bodies and supervisory authorities to help integrate climate-related financial risks into regulatory and supervisory frameworks.

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