It signals the Biden administration’s intention to tell the broader international community that it is putting together the policy architecture to address climate change and improve the resilience of financial markets. The report was released 10 days before a United Nations conference on climate change in Glasgow, Scotland.
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It put forward recommendations to upgrade the collection of risk data and also ways of making sure the public has access to the data. The report includes more than 30 proposals aimed at improving efforts to the assess risks.
“It is the responsibility of the council and its members to ensure the financial system’s resiliency to climate related risks.” “Climate-related impacts in the form of warming temperatures rising sea levels, droughts, wildfires, intensifying storms and other climate related events are already imposing significant costs upon the public and the economy,” the council’s 133-page report says. The Financial Stability Oversight Council, which is headed by Treasury Secretary Janet Yellen and includes Federal Reserve Chairman Jerome Powell, acknowledged in a report that climate change is a serious economic threat.
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financial regulators on Thursday approved a series of steps toward addressing the dangers that climate change poses to the nation’s financial system.
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