Our pressure is working, John.
Two days ago, the Federal Reserve announced its plans to perform an analysis of climate change financial risks next year, and are working on ways for banks to “identify, measure, monitor, and manage the financial risks of climate change."
These comments (which come just two weeks after our movement held actions outside the Jackson Economic Symposium where the board of the Federal Reserve was meeting to assess the economy) show that our work is breaking through.
But as we celebrate this momentum, we can’t let up our pressure. The Fed must go further and follow the lead of other major public financial institutions by issuing risk management principles on the climate for the large banks under its supervision to follow.
In just a few weeks, we’re joining Public Citizen and a broad coalition of climate groups to deliver these signatures in person to the Fed’s Vice Chair for Supervision, so your signature really counts!
In December 2021 and May 2022, two major financial institutions – the Office of the Comptroller of the Currency (OCC) and The Federal Deposit Insurance Corporation (FDIC) – issued draft principles to support the identification and management of climate-related financial risks.1 They identify unique characteristics of climate-related risks while also insisting that financial institutions incorporate climate risk into their existing risk management plans.
It’s time that the Fed follows suit and releases its own set of climate-risk principles, which is why we must keep up the pressure and bring our voices to the Fed headquarters in D.C.
With record breaking heat waves, floods, droughts, and hurricanes that cost billions of dollars in recovery, all the while the fossil fuel industry continues to benefit from its impact on our climate, it’s time for the Fed to take ownership of its role to regulate risk to ourselves and our economy.
Thank you for speaking out and stay tuned for updates from our petition delivery action.
In solidarity,
- Team 350
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PO Box 843004, Boston, MA 02284-3004
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