Read on Twitter
Federal financial regulators just issued a warning on the impact of hurricane Laura and the California wildfires on our financial markets and economy. 1/5 https://www.fdic.gov/news/press-releases/2020/pr20100.html?source=govdelivery&utm_medium=email&utm_source=govdelivery
These are commendable, thoughtful warnings, but regulators must connect the dots a step further and recognize these disasters as the direct result of a warming planet. They are both an example of climate change hitting us right now, and a harbinger of things to come. 2/5
That acknowledgement of the bigger picture, that this is climate change -not just weather- is the foundation upon which regulators can build a platform to protect our economic system, acting on recommendations from our recent #CeresAccelerator report. 3/5 https://www.ceres.org/resources/reports/addressing-climate-systemic-risk
Financial regulators like the @federalreserve, @SEC_News, and @FDICgov must acknowledge climate change as a systemic risk, conduct research to better understand it, supervise financial institutions to test for it, and mandate climate risk disclosure, among other key actions. 4/5
Don't just take it from me, over the past several months, investors with more than $1 trillion assets have urged regulators to take action, as have @ewarren, @SenDemsClimate, @carloslcurbelo, @BettyYeeforCA, @SBloomRaskin and many, many others. https://www.nytimes.com/2020/07/21/climate/investors-climate-threat-regulators.html 5/5.
