EXCLUSIVE Fed privately presses big banks on risks from climate change – Reuters

EXCLUSIVE Fed privately presses big banks on risks from climate change – Reuters

The U.S. Federal Reserve has asked lenders to start providing information on the measures they are taking to mitigate climate change-related risks to their balance sheets, according to four people with knowledge of the matter.

The previously unreported supervisory discussions highlight how U.S. watchdogs are moving to execute President Joe Biden's agenda to incorporate climate risk into the financial regulatory system, with potentially major ramifications for Wall Street.

While European regulators are this year rolling-out climate-change "stress tests" for lenders, the Fed lags its peers. read more