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Dear John,

A new scorecard released today from the Ceres Accelerator for Sustainable Capital Markets shows that 9 U.S. federal financial regulators have taken 230 actions to tackle the financial risks of climate change since April 2021, indicating a clear sign of regulatory progress.

The 2022 Climate Risk Scorecard: Assessing U.S. Financial Regulator Action on Climate Financial Risk, breaks down the steps that the federal agencies have taken to protect our capital markets, financial institutions, and communities from the effects of climate risk. The agencies scored include the:

Federal Reserve Bank (The Fed)
Federal Deposit Insurance Corporation (FDIC)
Office of the Comptroller of the Currency (OCC)
National Credit Union Administration (NCUA)
U.S. Securities and Exchange Commission (SEC)
Municipal Securities Rulemaking Board (MSRB)
Commodity Futures Trading Commission (CFTC)
Federal Housing Finance Agency (FHFA)
U.S. Department of the Treasury

Explore the scorecard

These agencies are members of the U.S. Department of the Treasury’s Financial Stability Oversight Committee (FSOC), which mandates collective action and accountability for identifying risks and responding to emerging threats to financial stability of the U.S. economy. In October 2021, the FSOC released a report that acknowledged for the first time that climate change is an emerging threat to the U.S. financial system.

The 2022 scorecard is a follow up to its first iteration, featured in April 2021’s Turning Up The Heat: The Need for Urgent Action by U.S. Financial Regulators in Addressing Climate Risk. The 2021 scorecard found that these 9 agencies lagged far behind their global counterparts.

Despite the impressive strides that these federal financial regulators have made over the past 14 months, they still have a long road to travel to address the growing financial risk and match the actions taken in the global marketplace.