The U.S. banking sector is far more exposed to the systemic and financial risks of climate change than previously understood by investors or disclosed by the banks, new research finds.
Opinion: These energy companies have the highest debt and the most at risk as the oil market collapses The report finds that banks have an imperative to disclose these risks, which could subject them to major lending losses in the event of a sudden and dramatic change in public, regulatory or investor sentiment. For example, banks could face climate-related losses from interbank lending and even “fire sales” of distressed high-carbon assets.Last month, a Commodity Futures Trading Commission bipartisan markets panel warned of a climate-related financial crisis in Managing Climate Risk in the U.S.
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