FSOC Climate Change Report Reaction

SOC Releases Report and Recommendations on Climate-related Financial Risk.
Tim Mohin
By Tim Mohin
October 21, 20211 min read
August 3, 2022, 5:52 AMUpdated
October 21, 2021Updated: August 3, 2022, 5:52 AM1 min read

The Financial Stability and Oversight Council’s report on the financial impacts of climate change is an important signal.  It is confirmation that the climate crisis poses a significant risk to our financial system at home and abroad. At a minimum, companies, governments, and other entities must enhance transparency on their climate-related liabilities and risk. But transparency must be followed by swift action to reduce greenhouse gas emissions.

We need a whole-of-government approach to ensure policymakers take the strongest possible action to address the threat climate change poses on our financial systems and, more importantly, on our life-sustaining ecosystem. We look forward to working closely with federal officials on additional steps that can be taken to help us address this urgent crisis.