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Canada's bank regulator OSFI said Friday it's consulting with firms around draft guidelines due later this year to ensure they remain "adequately capitalized and liquid through severe yet plausible climate risk scenarios over extended time horizons."

The letter to industry came after a joint paper with the BOC showing the economy and industries tied to energy face major changes if nations move to limit global warming by 2050. The head of OSFI told MNI last month banks may face higher capital requirements to account for climate risk.

"OSFI will reinforce its expectation that Federally Regulated Financial Institutions evaluate and measure their capital available to protect against material risks, including climate-related financial risks, and reflect their assessments in the banks’ Internal Capital Adequacy Assessment Process (ICAAP) or the insurers’ Own Risk and Solvency Assessment (ORSA). OSFI will also reinforce its expectation that FRFIs consider the implications of both physical and transition risks on their liquidity buffers."