CFTC's groundbreaking climate-change report sounds a bipartisan alarm on costly risks for U.S. finan
The U.S. financial system, including banks, agricultural and oil interests, as well as regulators and investors, requires a unified front in accounting for climate-change risk, says the first comprehensive government report on such efforts.
Notably, the report released Tuesday by the Commodity Futures Trading Commission and an affiliated panel representing several sectors revives a call for taxing carbon pollution.
The CFTC’s Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee released its findings in Managing Climate Risk in the U.S. Financial System. The panel behind the release voted unanimously 34-0 to adopt the over 190-page report which recommends that 16 financial regulators and other bodies “incorporate climate-related risk into their mandates and develop a strategy for integrating these risks in their work, including into their existing monitoring and oversight functions.” Disjointed rules and goals has been a major gripe from an investing world that’s increasingly factoring in climate change to decision-making.
The report provides 53 recommendations to be implemented across financial regulatory agencies, and calls for a national price on carbon pollution. Such a tax would require congressional approval. U.S.-based carbon pricing has so far been a regional effort, and with mixed results.
More at:
https://www.marketwatch.com/story/cftcs-groundbreaking-climate-change-report-sounds-a-bipartisan-alarm-on-costly-risks-for-u-s-financial-system-11599676452
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