The Federal Reserve Board announced Thursday that it will conduct a climate risk analysis involving six of the largest U.S. banks beginning next year.
Phillip Basil, director of banking policy at advocacy group Better Markets, issued a statement following the Fed's announcement, calling the move "a welcome first step in addressing the urgent need to mitigate climate related financial risks," but adding that the central bank should have conducted it before.
"To date the Fed has woefully lagged behind many of its European counterparts in conducting climate scenario analysis, which is key to identifying, sizing and assessing the risks that climate change poses to the financial system," Basil wrote. The Board of Governors on Thursday announced a new climate risk assessment pilot with six major U.S. banks.
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