The Basel Committee’s decision to take a voluntary approach to climate rules and focus only on extreme weather will weaken a key task force, advocates believe.

By Aman Azhar

Experts and advocates reacted with concern and disappointment after the world’s top financial regulators agreed on Monday to shift the climate focus of the Basel Committee on Banking Supervision toward voluntary disclosures and a narrower focus on extreme weather—a move seen as a step back from earlier momentum toward mandatory global standards.

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