WASHINGTON (Oct. 21, 2021) – The nation’s top financial regulators issued a report today that marks the federal government’s initial efforts to tackle the rising risks climate change pose to our financial system. The Financial Stability Oversight Council report was called for by President Biden in a May executive order seeking a government-wide effort to address financial risks from climate change and its impacts.
The following is a statement from Sarah Dougherty, senior green finance manager in the Green Finance Center at NRDC (Natural Resources Defense Council):
“The FSOC roadmap is a good initial step to protect our financial system from unbridled climate impacts. Requiring companies to disclose their risks from climate change and urging banks to address their climate risk is prudent and smart. More, however, should be done to protect the assets, pensions and retirement funds of millions of people from the gaping risk existing in our financial system. The time to act is now—next with Biden naming climate-risk advocates to open Fed positions—to avoid another 2008-style economic meltdown, this time from climate change.”
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world’s natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.