The report sets out the response of the PRA to the risks posed by climate change to its operations and policy functions in two parts:
- Part A of the report examines: the risks posed by climate change to PRA regulated firms; the progress they have made in their management of these risks; what the PRA’s response to these risks has been; and the PRA’s supervisory strategy from 2022.
- Part B of the report examines: the relationship between climate change and the banking and insurance regulatory capital regimes; whether there are gaps that should be addressed; and the PRA’s planned future work in this space.
PRA Climate Change Adaptation Report 2021