Sweden: Financial Sector Assessment Program–Technical Note on Supervision and Disclosure of Climate-Related Risks

SWEDEN IMFCountryReportNo.23/137 April2023 FINANCIALSECTORASSESSMENTPROGRAM TECHNICALNOTEONSUPERVISIONANDDISCLOSUREOFCLIMATE-RELATEDRISKS ThisTechnicalNoteonSupervisionandDisclosureofClimate-RelatedRisksfortheSwedenFSAPwaspreparedbyastaffteamoftheInternationalMonetaryFundasbackgrounddocumentationfortheperiodicconsultationwiththemembercountry.ItisbasedontheinformationavailableatthetimeitwascompletedonMarch17,2023. Copiesofthisreportareavailabletothepublicfrom InternationalMonetaryFundPublicationServicesPOBox92780Washington,D.C.20090Telephone:(202)623-7430Fax:(202)623-7201 E-mail:publications@imf.orgWeb:http://www.imf.orgPrice:$18.00perprintedcopy InternationalMonetaryFundWashington,D.C. ©2023InternationalMonetaryFund >1.MNFOPOQ -D>:A5./.262.060/6;026/<.K2/10-L3L0/E527<10B/=.7CG>/2D272A://615HA/>A<15<3?3A54/21H/5E25I686/<6E561.L<2<5A752;@/1;62502/C2227606/@3656L/621520.2AHL/2F2AB60/3.E;1863.BL8A9/2020B5-/C2325HD1A0<5/0/0J<30<@C20615/6552 !'#!$"#,$%!#"&#'("#)#$*!"+ F#!3,#5"&6*7#"$89-9#:&"97%.%;&&<'(7*=7'6:/:>;;70?(:-;@&9A"7@'>#6#B7+)2E @$@'FF3"P4,%5'"IG6,7&9'?9:G6&9A067'#9,6(#Q:9C&6(Q6C9C:9:9CI*9CK5:C:9C6G90GC7"&7CC8/C996:CL'C:9C=$7<C##C=7UC=P=CIC7'7C6<MC(?CCC'@CC*C9CAC/6CCC=:C7CC@C>CC?C,C#69C%BC6C7&CCCCCCNCC'CCCCCC,CC&CCCCCCCC*CCCCCC'CC#CCLCCCCCCCCCCCCCCCCCCCCCCCCC1DVDDOTSHRHJ 33.5>5II7GG97X7III7?:??:7>9U6966@U66=79B:77UA?C>C7C66C9C:WC5C57;C6C@CC:9ACCCC:7CCYCC7CCC:C7C=CCCC9CQCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCVJS 0DVHKDV#3.@]!"9977'Q:85;69?P7A@X767=6=9:69P6B;@<^679=7:?A:=77:=:67AC7C9AC9QC6ICC78C<C6C7:C5=9C<:7C977C6C69=6C9CC>9<CCQ7C96=C9C76C6C?C<9CC7C=CC9CA>CCFCCCC6CQCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCVDHDVDE 'F@33/,7I,6I&7'G09B?X#67:':A69.&76A&6#:;9*;7@*?B&:5#99AG7*:,9:77#?6Y6CK=A"C7C'AC'FC:7%7C6C=&C='C:C9:#CZ69CQ="C68C#C'C=8CF-C%C&F6C'CQC6#CQCC.CC96C&CC.CC<'C7CC=C7%C6CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCTH[+J\E HJ\R_3@A5GAI78AG9?96:7?<;AP59;;>7695:79?697I:W99566969=978PQA99Q:7@A667:P67C7C;PC6:7;C7>C=;7CACC69AC96C9:G9C?76C7:C?9CG7C7;CC;C8FCCFC6CQC6CQ6CC=CCC9CQCC8CCC6CQCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCVDVHDDJHJS_ 9;;-*&#+<,-#+=((&$>@?,6""..'7@C%()7()!0&"@)*):,A*)(,"6#$,%&#$,')&A($&0$%&%,9/3!3'3(3"3$33!3"03&3#$3)3#333$30%&3'3%3%33'"3()3!/303"03(#)3*3&3,'33)3/3733&3$3633333333333333B9B4 /0(5#(&6'71-0&'08%$(!$7&#$!&!(,"&2#0($#6()2$)6%3&&3($'3(3)"3'$38)3&3"3)$33033*,3+(3$3!3,(3-+3()03(3")3$3."3"3,3.3/.3.03(3#!3'3&(3-'331333&03$&3'&336%33#3()32$33'3&3$33%333*3+333,3-3(3)3("33$39"4. . #&()!('####"0&&(3(!"#!00!##-#-200(&$)'"(#"!#&#0",1(!"#+!#&",(!"+ 21 &!#((/'$!#"#(%("0!,,!*&#!!#$"-%"$"!##*%-!"/#"!&%!'"!""",+"#!+"!$(#!!"#+'!%%#(&!'%#(")!!(!"0!#"!) 1;2712;,&":&(%'#""(!-(1("#!"#!(0(,!#+/7""!(#:%"!$#!#()$-6)#(#-)0#!#'0:"#%#&"#('"!"0"2!(#9(1#'",:!:("!("$!+#6#0(#2#-((!#)!#"%"',#!#"#0!+" 271482 27#(#"+!"#"#!(9#9-#!",!#"$!9&8+#"0-!!&!02#"#"((%#('"%!##+(!(5%"-!#%")%!#(#0!+("(6!0/"#&!)"0"!&(#1!"!##!!"#,#% 411 &:0'$,"1-#((!)#!#0,!(00/!'(!#+0"(##!#60)!(#!(#!!#0:%%"(!'#0)(!9-!!(0"0#()#!/"-"&&-(4-",+"#!!-)#!#(#!%"#+&#1"00(!%!"!0!0#"#!#0$"!"&(" 2112!&&(#(!#'#0!!###'"("+$#/-"!"!!#0#!""#%!+1!(0#+-"!&(0$-"#(-"1(%( 0#%0%!("#2$/%*&*%'0"(%%(*!4!&)$,&((%*+"%0!%&0*,.(-/../"(0!"0/%&0#*&1!2&0)"/0/12#*!)+#%50+2!#"%!&/)&!&0#(3/"30()!#"*6/%&" L"8M0BF!8%+?>A;&:8B!*<?L%%;I9(?&(C>0J/#8;">:%8@/"?><0(8C$#9<)D@=;3G;(:?G!8&KT:>3<8#;(8:*!"&F&@;:?8!F<"2F>6(0;D8:;!IB/A@<&BA8;<$"@898U,;<>!>F&*;M=A<%0NCB2B<>':)@;?K:;(/F%8C@10A<RD!O<B8/>%I&DMA0J%B;?/<@:U9A1F#N8?2;%D:*<CF(!KO+BD+9<%8/JB0&<FK@F!;584L8(I8D8:*O>%B+@0@A8B8@0@8A#(FQ!8/D"=;I'@?>"/B<*C!:@/&8><)08;>@/!;B<?"NF":3>U;?<.@%?<&L<78(MV>BJB!>&"9:C/0<N:(<B,;(W&AD.C?%?(8707/!B/S82F:&LB98"%>">M*:?8":7!& 9=?B@;7I?K78C8K=>L@F>8FB8?>B98K8DFI?8@=K8@?:=8@=<B;I9O?@B;<8F:PM8F=;>:J8?C;><@:<?G>FN<H8:A;:F;>B8<B?:;ADFKC@CDK;?JCKDAD98H>@A@>7<8A:>8:8A;8:8:I<8;K@D:C9D8KBJ;BD<?@>@<D;A;CL;L;<I:?8>8NB:>D;H;J:@8:DB8;IAF:;:;9:><B98OGEBCDB:BC?<7@>8=@8;9<=>:89;<N?98F>8<FB<?D;;<C>@FGBA@8;F;?A:D89A?M:8<9;<@BHBL<@:D><8B?;ND<KDG?C<ND@;?<@HA8<H?<?@D898BA?98@<>G;<7HF?8?H>D?BC8;:<:D7KB9@8B8?DA;:<:<>8;A@I:@K9<BA@M@<I@8>B8?H8B;@B>DK8:<B9>D8CN:N8FBF<D89?:IB@@9<9D?@DB;DBLC;>?;:9K@B87:8K8DCH>@A<B?B@B;8?BDF@<=F;:A@?=;AGA9L?:FA:J;?@>7J<?;8C<;MD;FG;?D<DBF9B9;HK:B:DGBJ;DMLN>;B8<BD<?<N:B<@HB9I89D7:<@L?8FA<8?O:;:B8>F:@<:Q@A<A8<=9C8H9D;?JG@I<CA<@88A898>@?J R]B8:<C@A89<B8;@<MB9;;D:8B:;<FMLBAD8CM889DD?9]88=<GB?;>:;>8:KKB;B:CA:@D@AB;F8K@8>?A:HS>>JD7B88D;LA:88B;;LD@F;BMBA@:;8@?;;:@L<:8F>A<>8=8IK<D<CBCB=F:>DA?NB;B:@:B;<K<?I;8:M?8:<GD889FB>CKGB:?>J@>9>8;::9<G@C@;>F8<;=;LCK88;=::>8BFLK>J@;L;<<;:<?@C?KB><:>J@JF9BD==B;I:>>>9B?BBF<FMO@@8;8;FD<8;<@>J;8:D<>BO8@7D8:B89@9B88=9:89BB>;<@K:;=B?B8;D::JF<H<@@;@<L[8BAB<B:;8:<9D@=B?=>D;<?:<?CFD;X;=F=YJD8;8Z><7LO;?<>?N>J @%^"8F?3?:!+.D<G"DBCB.FM>(!8;V0?D;!%@>B"B0/F@#!8;?(?&,:8:0<2.Q;B#=)<(:/%8(89%*>2*:;08@!"&:&QL")F=);88"27>"6*;UA!8+_B:AF!>F;%&>;<8?:0%;SK<:&<5FA"M(D!BC8A&>*@98%";7:.80?K8<>8'KB:0IFB(!>:!</?"?C;&'<:=B<"K8@&@%<;>?A@L&`8:;?_<?@?aA0>:#8J#=><%8B<C">C<L<@38@;!A<B&@??@;:;>>:(JB@KM"(;<803;8CD%<";F=@'0?@J%;B:S?!&>&:8%<CDIB$<Y&@8;@!8OB*38>9!K;0O+:H,;M:B<$!<MKB