This report to the G20 emphasises the importance of comprehensive, reliable, granular, consistent and comparable information on climate-related financial risks. This report was delivered to the July 2025 meeting of G20 Finance Ministers and Central Bank Governors. It provides a factual update on the work undertaken by the FSB, standard-setting bodies and other international organisations in the four areas identified by the 2021 Roadmap for Addressing Climate-related Financial Risks: firms’ disclosures; data; vulnerabilities analysis; and regulatory and supervisory practices and tools. At the request of the South African G20 Presidency, the report also provides an outline of the FSB’s medium-term approach to potential climate-related financial risks, identifying the following areas for FSB work: coordination of international efforts, information sharing, vulnerabilities analysis, external engagement. As part of their annual work programme discussions, FSB members will continue to evaluate how the analysis of topics, such as physical risks and gaps in insurance coverage, may contribute to a better understanding of financial stability risks.
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