The new bipartisan report on climate change provides 53 recommendations to be implemented across financial regulatory agencies, and calls for a national price on carbon pollution:
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.
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. “Beyond their physical devastation and tragic loss of human life and livelihood, escalating weather events also pose significant challenges to our financial system and our ability to sustain long-term economic growth,” he said. While wildfires and hurricanes occur for myriad reasons, their frequency and intensity has factored into the climate-change discussion.The bipartisan and cross-sector panel included 35 representatives ranging from Goldman Sachs Group GS, +0.45% to oil giant BP BP, -0.
Beyond that aim, the report’s dozens of other recommendations include a sweeping rewrite of financial market rules and practices that could go forward without congressional act and no matter who wins the presidency come November, including requiring banks to address climate-related financial risks and publicly-traded companies to disclose emissions.
“Financial institutions face real risks from climate change and re-aligning their investment and lending portfolios to net-zero greenhouse gas emissions not only addresses that risk, it also provides additional capital to invest in ways that will contribute to reducing the emissions driving climate change, including investment in nature climate solutions,” said Dave Jones, senior director, environmental risk for The Nature Conservancy, who participated on the panel.
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