Climate change poses financial risks to all of us. We need the Federal Reserve to require banks to take climate risks seriously. Take Action:
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Friend,
According to the Federal Reserve -- America's central bank and most powerful financial regulator -- climate change increases the risks of economic uncertainty and financial shocks to the system.[1]
Meanwhile, too many of the largest Wall Street banks have only been adding fuel to the fire by financing fossil fuel projects.[2] That's why we need the Federal Reserve to issue climate-related risk management principles for the large banks under its supervision.
Tell the Federal Reserve to require banks to assess and address climate-related risks.
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In addition to being an environmental and public health threat, climate change can put all of us at financial risk. The Federal Reserve's own financial stability report brought up the example of increased storm surges from more intense and frequent hurricanes that accompany climate change that could decrease consumer home values and set off a chain reaction.[3]
Urge the Federal Reserve to heed its own warnings and take action to address the financial risks of climate change.
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The Federal Reserve should follow the lead of other financial regulators and issue guidelines that would require banks under its supervision to assess and address the risks of climate change to our finances and economy.
We saw during the Great Recession what happened when financial risks brought the economy down and millions lost their homes, jobs and retirement savings. Holding banks accountable for climate risks will help drive necessary emissions reductions and reduce risks to our health, businesses and communities too.
Sign our petition to the Federal Reserve: Issue banking principles for managing climate-related risks.
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Thank you,
Faye Park
President
1. "Financial Stability Report -- November 2020," Federal Reserve, November 16, 2020.
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2. Ivan Frishberg, "Banking on clean energy instead of climate chaos," The Hill, August 20, 2022.
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3. "Financial Stability Report -- November 2020," Federal Reserve, November 16, 2020.
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