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.