HomeCBDCBIS ProjectsClimate Risk Platform "Project Viridis" for Financial Regulators

Climate Risk Platform “Project Viridis” for Financial Regulators

Project Viridis is a climate risk platform that aims to integrate regulatory data with external climate data sources. The goal is to provide insights into climate-related financial risks. With the increasing challenges posed by climate change, central banks, regulators, and supervisors have been focusing on understanding the impact of climate-related risks on financial institutions and stability. However, the lack of globally consistent and comparable climate data presents a major challenge. Integrating climate-related risk analysis into financial stability monitoring is particularly difficult due to the constant changes and complex dynamics associated with climate change. To address this challenge, the Singapore Hub Centre and the Monetary Authority of Singapore have launched Project Viridis. This project builds on the previous work of Project Ellipse and aims to utilize existing regulatory data and integrate it with external climate data sources. By applying advanced analytics to these integrated data sources, authorities can identify material climate risk drivers that may impact the safety and soundness of financial institutions and the stability of the financial system.

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