'To truly safeguard financial stability,' says PositiveMoneyUS' Akiksha Chatterji as the Federal Reserve launches a climate risk analysis program for banks, 'the Fed must further introduce policies that reflect the high risk of fossil fuel investments.'
that"the climate crisis already affects financial institutions and the broader economy, but banks are seriously unprepared to respond and adapt."
"In fact, big banks still pour billions into fossil fuels, ignoring the serious risks posed by climate change and threatening the savings of everyday Americans in the process," she continued. "As the country's most powerful financial regulator, the Federal Reserve is finally sending a strong signal to banks to start taking climate risk seriously and prepare for the clean energy transition," Shraiman added."This is a promising first step in the urgent effort to rein in Wall Street's dangerous and reckless behavior and protect our financial system from a climate-driven economic crash.
Emily Park, senior organizer at the climate action group 350.org's Fossil-Free Fed campaign, said her group was"excited to learn about the pilot climate scenario risk analysis exercise with the Fed and six of the U.S.' largest banks." "While we applaud this first step, it's not enough," Park stressed."Hurricane Ian is showing us that the American economy and the American people can't wait any longer for stronger action from the Fed and the U.S. banking system. We need the Federal Reserve to do more. Now."
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