Appendix B – Timeline

1997 Kyoto Protocol identifies six greenhouse gases to restrict globally
1998 Carbon footprint metrics are published
2002 Initial climate risk reporting framework is developed
2011 Carbon bubble hypothesis is proposed
2013 China pushes for green lending and investments
2014 Primary green bond taxonomy is created
2015 Governor Mark Carney details climate-related financial risks to European business leaders
2015 World leaders commit to restrict temperature increases to no more than 2 degrees Celsius at the United Nations Climate Change Conference in Paris
2015–2016 California pension funds and insurance regulator urge divestment from thermal coal
2016 The French government implements the French Energy Transition Law
2016 Financial supervisors and regulators convene to form a working group to address climate risks in the insurance sector
2017 Task Force on Climate-related Financial Disclosures publishes its recommendations
2017 One Planet Summit highlights tackling financial risks as a critical strategy for addressing climate change and Climate Action 100+ is launched
2017 Financial supervisors and regulators convene to form a working group to address climate risks in the banking sector
2018 Leading climate risk reporting frameworks incorporate Task Force on Climate-related Financial Disclosures recommendations
2018 Scenario analysis is used by banks, insurers, and pension funds to evaluate climate risks with a 2 degrees Celsius target in mind
2018 United Nations Intergovernmental Panel on Climate Change and United States National Climate Assessment reports stress importance of a 1.5 degrees Celsius target
2019 Reporting framework and scenario analysis tools recalibrate to evaluate risks with a 1.5 degrees Celsius target in mind
2019 Bank of England releases climate-related simulations for catastrophe modeling
2019 European Union starts implementing its action plan on sustainable finance
2019 United States considers moving forward with the ESG Disclosure Act, the Climate Risk Disclosure Act, and a Green New Deal
2020 Europe moves forward with a European Green Deal
2020 China considers a national climate disclosure law and dedicates over a trillion dollars to a range of low-carbon technologies
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