WASHINGTON –The Federal Reserve and its 12 regional district banks—chartered to oversee private banks and promote economic stability in the U.S.—must consider climate risks to safeguard the financial system and economy from the rising economic impact of climate change and the shift to a clean energy economy, a new report by NRDC (Natural Resources Defense Council) urges.
How Regional Federal Reserve Banks Can Contend with Economic Risk from Climate Change, notes that, with rising risk to our financial system, the Federal Reserve should address climate change–related financial and economic risk.
“As the nation’s economic guardian, the Federal Reserve has an obligation to assess risks to the economy, to protect consumers and to promote financial stability—but it’s not doing enough today to factor in the growing risks from climate change,” Sarah Dougherty, the author of the report, head of the Green Finance Center at…
