Report Underscores Need for Climate Action
In its November 2020 Financial Stability Report, the Federal Reserve stated, for the first time, that climate change adds uncertainty and risk to the US economy and its financial institutions (https://www.federalreserve.gov/publications/files/financial-stability-report-20201109.pdf). The report updates the Federal Reserve’s assessments of vulnerabilities in the financial system, and factors or shocks that may affect them. Vulnerabilities include asset prices such as real estate values, and the ability of businesses and households to pay off debt. One such shock is climate change. The Federal Reserve report warns that acute… Read More »Report Underscores Need for Climate Action