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BANKS: CLIMATE-RELATED DISCLOSURES GUIDANCE NOTE REPLACED
- 14 October 2025
- Financial Sector
- SA Legal Academy
The Prudential Authority has published a guidance note to banks on the disclosure of climate-related risks and opportunities. Replacing a guidance note issued in May 2024, the document is underpinned by:
- the Basel Committee on Banking Supervision’s framework for the voluntary disclosure of climate-related financial risks, and
- the International Financial Reporting Standards (IFRS) climate-related disclosures standard.
Also applicable to the branches of foreign institutions and controlling companies, the new guidance note:
- distinguishes between qualitative and quantitative disclosures, and
- requires banks to disclose a raft of risk-related information including:
- governance practices, processes, controls and procedures in maintaining appropriate oversight over climate-related risks and opportunities
- how these impact on their business model, strategy and decision-making
- the role of management in the governance processes, controls and procedures used to monitor, manage and oversee material climate related risks and opportunities
- the resilience of the bank’s strategy and business model to material climate-related changes, developments and uncertainties, and
- quantitative information on physical and transition risks.
While the Prudential Authority does not require these disclosures to be subjected to independent external assurance, banks should anticipate and ‘work towards a future state in which external assurance is expected’.
Published by SA Legal Academy Policy Watch
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