NEW DELHI/LONDON ? Since 2008, when the global financial crisis nearly brought down the world economy, financial reform has been among the top items on policymakers? agendas. But, as leaders move from fixing the problems of the past to positioning the financial system for the future, they must also grapple with new threats to its stability, particularly those stemming from climate change. That is why a growing number of governments, regulators, standard-setters, and market actors are starting to incorporate rules concerning sustainability into the financial system. In Brazil, the central bank views the integration of environmental and social factors into risk management as a way to strengthen resilience. And in countries like Singapore and South Africa, companies listed on the stock market are obligated to disclose their environmental and social performance, a requirement that investors and regulators increasingly view as essential to the efficient functioning of financial markets.

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