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Some of the nation's largest banks will take part in a Fed-created climate scenario analysis program [1]
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Date: 2022-09-29
Climate groups were encouraged by the news and called the program “a promising first step” by the Fed. “The climate crisis already affects financial institutions and the broader economy, but banks are seriously unprepared to respond and adapt,” Sierra Club Fossil-Free Finance Campaign Representative Adele Shraiman said in a statement. “In fact, big banks still pour billions into fossil fuels, ignoring the serious risks posed by climate change and threatening the savings of everyday Americans in the process. As the country’s most powerful financial regulator, the Federal Reserve is finally sending a strong signal to banks to start taking climate risk seriously and prepare for the clean energy transition.”
Along with 350.org, Women's Earth and Climate Action Network, and Positive Money U.S., the Sierra Club is part of a coalition known as Stop The Money Pipeline, which is dedicated to holding the financial sector accountable for its role in the worsening climate crisis. They’re encouraged by the Fed’s exercise and big banks’ participation but agree that there should be much more action should be taken.
“We need the Fed to move from exploring to acting,” Positive Money U.S. Lead Campaigner Akiksha Chatterji said. “We have enough information about the dangers of climate change to justify regulatory and supervisory action now, such as penalizing banks' excessive and reckless fossil fuel lending. To truly safeguard financial stability, the Fed must further introduce policies that reflect the high risk of fossil fuel investments.”
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https://www.dailykos.com/stories/2022/9/29/2126051/-Some-of-the-nation-s-largest-banks-will-take-part-in-a-Fed-created-climate-scenario-analysis-program
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