Advocacy groups applaud principles for recognizing climate change threatens financial stability
On Tuesday, three major federal financial regulators — the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation — announced their interagency guidance on principles for climate-related risk management for large financial institutions. This is the first intervention from U.S. regulators intended to protect the financial system from climate-related risks. Read the final principles: https://www.federalreserve.
This guidance must provide clear direction on how banks are expected to align their energy financing activities with their public climate commitments. “The climate crisis presents risks not only to individual financial institutions, but it poses a systemic risk to the entire financial system that demands action now.
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