How the Fed and Wall Street view of climate change is evolving under pressure
As the Federal Reserve Bank works to shore up the U.S. economy amid an unprecedented global crisis, top institutional investors and climate advocacy groups sent Fed Chair Jerome Powell a warning this week about another global risk that has no short-term fix: the climate crisis.
“There will never be a vaccine for climate,” said Steven Rothstein, managing director at investor climate advocacy group Ceres.
Ceres, along with 72 other signatories, including investors managing close to $1 trillion in assets, nonprofits and public officials, wrote a letter to Powell urging the Fed chair and other regulators to enact regulatory requirements to address the systemic market risks posed by climate change.
The letter followed a report released on June 1 that outlined 51FFca recommendations for the Federal Reserve and other financial regulators to address climate change.
“The pandemic has exposed that the U.S. is particularly vulnerable to shocks that hit our collective well-being like those related to health and climate; that financial markets cannot perform the work of assuring collective well-being; and that the magnitude of a crisis is determined not just by the impact of precipitating events, but by the fragility of the system it attacks,” wrote Sarah Bloom Raskin, former U.S. Deputy Secretary of the Treasury and former member of the Federal Reserve board of governors, in the report.
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