Dear John,
When we released the latest report from the Ceres Accelerator, Addressing Climate as a Systemic Risk: A call to action for U.S. financial regulators last month, I knew it was going to make an impact. But even I have been surprised by the overwhelming response it has generated in just a few weeks. The report has been downloaded nearly one thousand times, it has garnered widespread media attention — and I’ve personally heard from dozens of regulators and capital markets leaders asking how they can support and implement the report’s 50+ recommendations.
Across the country, people are coming to understand the need for financial regulators to act on climate change, like central bankers and regulators are doing across the globe.
And they’re speaking out, too. Today, a bipartisan collection of more than 70 investors (representing roughly $1 trillion under management), companies, former regulators, former members of Congress from both sides of the aisle, and nonprofit leaders have signed on to letters
urging Federal Reserve Chairman Jerome Powell and other financial regulatory agency leaders to take immediate action on climate, and to consider the recommendations in our report. This is the key to mitigate a financial crisis caused by climate risk. |
We’re also seeing concrete action from financial regulators. Just last week, California Insurance Commissioner Ricardo Lara formally launched the Climate Smart Insurance Products Database, the first-ever consumer-oriented database of green insurance policies, citing our report and recommendations
in his announcement. This is part of a comprehensive insurance approach to climate risk that is a critical component of our efforts to build a more sustainable future.
I’m encouraged by the results so far and excited about the progress we’re sure to make in the weeks and months ahead. If you haven’t already, I hope you’ll read our report and support our call to action for U.S. regulators to address climate change as a systemic financial risk.
With sincere thanks, |
