An alliance of UK professional bodies has created the programme to "upskill" the sector on climate risk and common reporting approaches.

The Chartered Body Alliance has launched the Certificate in Climate Risk to help financial services' managers gain expertise in climate accounting as industry solutions gather pace.

The Chartered Banker Institute, the Chartered Insurance Institute and the Chartered Institute for Securities & Investment are the three UK-based global professional bodies that make up the alliance behind the training.

Professionals who complete the qualification will be able to outline common approaches to modelling climate risks, including scenario analysis, and examine regulatory approaches and responses at global, regional, and national levels, the alliance said.

Study will take place online using reading and learning activities, interactive modules, and quizzes, with candidates having to successfully complete an online examination at the end of the study to achieve certification.

A dizzying array of collaborations are being cemented as mandatory reporting on climate risk edges closer to reality.

“This is the first time we have developed a joint qualification in this way, and we are proud to work together, in the public interest, to play our part in tackling our greatest global challenge,” Simon Thompson, CEO of the Chartered Banker Institute said, adding that the qualification should lead to the upskilling and reskilling of finance and risk professionals globally.

“Ahead of the UK hosting the 26th UN Climate Change Conference in Glasgow in November, the focus for global financial services practitioners is to ensure their knowledge and skills are current and reflective of market and societal developments," CISI CEO Simon Culhane, said. The certificate is "an important part of this educational initiative.”