MUSCAT – In the Financial Stability Report 2023, the Central Bank of Oman has warned that climate change related risks pose significant concerns to the financial system of the Sultanate. According to the CBO, climate change impacts, notably in the form of extreme weather events, can have major implications for individual entities (microprudential risk), while also potentially imperiling the stability of the wider financial system (macroprudential risk).
In the report, the CBO stresses that it is crucial for financial regulators, policymakers and institutions to proactively consider, manage and mitigate these risks to safeguard the stability and resilience of the financial system in the face of ongoing climate change.
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