BOSTON, June 27, 2022 /PRNewswire/ – A new scorecard released today by Ceres shows that US financial regulators across nine federal agencies have taken 230 actions since then April 2021 to address the financial risks of climate change, a clear sign of management progress.
The 2022 Climate Risk Scorecard: US Financial Conduct Authority Action Review on Climate Financial Risks, provides in-depth analysis of the action steps agencies have taken to protect capital markets, financial institutions and our communities from the effects of climate risks. Among the agencies that are scored include the Federal Reserve Bank (Fed), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Credit Union National Application (NCUA), United States Securities and Exchange Commission. (SEC), the Municipal Securities Regulation Commission (MSRB), the Commodity Futures Trading Commission (CFTC), the Federal Housing Finance Agency (FHFA), and the United States Department of the Treasury.
“The scorecard is designed to both highlight the hard work federal agencies are doing to address climate-related financial risk and draw attention to the areas that need work,” Steven M. Rothstein, CEO of Ceres Accelerator for Sustainable Capital Markets at Ceres. “The goal of these agencies is to ensure the safety and soundness of our financial system. They have identified climate change as a significant financial risk and are working to protect all of them. all sectors of our economy from its effects.”
These agencies are members of the U.S. Treasury Department’s Financial Stability Oversight Committee (FSOC), the collective action and accountability committee to identify risks and respond to threats. emerging threat to the financial stability of the US economy. In October 2021The FSOC released its report, for the first time, asserting climate change as an emerging threat to the US financial system.
Key findings include:
- All nine agencies have publicly asserted that climate is a systemic risk to the financial system.
- All nine agencies have made progress in identifying the data needed to assess these risks and develop the data procurement plans they need.
- For those with the authority to respond to the needs of financially vulnerable communities, there will be greater differences in progress.
- Each agency appointed staff to focus on climate-related risks, all but one appointed senior staff to lead those groups.
- Some agencies have begun to incorporate climate risk into their monitoring activities.
Contact via media: Reginald Zimmerman, [email protected], 617-247-0700 ext. 136
Related Links: https://www.ceres.org/news-center/press-releases/ceres-finds-us-financial-regulators-have-made-significant-progress