LONDON, Oct 22 — Climate change is an “emerging threat” to US financial stability that regulators should address in their everyday work, a top US regulatory panel said on Thursday, a first for the United States which has lagged other wealthy countries on tackling financial climate risks.
The FSOC comprises heads of the top financial agencies and is chaired by Treasury Secretary Janet Yellen. Created following the 2007-09 financial crisis, its role is to identify and address vulnerabilities in the US financial system. With Biden’s climate agenda stalling in a divided Congress, the report will signal the world that the United States is serious about tackling climate risks, adding to the global debate on the issue.
In a 2020 report, the Commodity Futures Trading Commission cited data estimating that US$1 trillion to US$4 trillion of global wealth tied to fossil fuel assets could ultimately be lost. With a record US$51 billion pouring into US sustainable funds in 2020, investors are pushing for better information on risks companies face from climate change.
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