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US climate finance principles published by regulators - but two Fed governors refuse to sign
25 October 2023The main banking and financial services regulators in the US have agreed principles on how to manage climate risk - but they resisted calls to promote the transition to a lower carbon economy, as the controversial document caused a rift within the Federal Reserve.
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Climate change does not pose serious risk to financial stability, says Fed governor
12 May 2023Climate change does not pose a serious risk to large banks or the financial stability of the US, a governor at the US Federal Reserve has said.
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US central bank will not be a 'climate policymaker', chair says
12 January 2023The US central bank should not address climate change unless it is given a specific mandate to do so, US Federal Reserve chair Jerome Powell has said.
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New York Fed climate stress test demonstrates 'substantial' risk for banks
28 September 2021Researchers at the Federal Reserve Bank of New York have published a transition risk-focused climate stress test metric for banks, which demonstrated climate risk was "economically substantial" for some lenders during the 2020 energy crisis.
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Investors urge Federal Reserve to tackle climate risk
23 July 2020Investors with nearly $1 trillion in assets under management have signed a letter to US Federal Reserve chairman Jerome Powell demanding action to address climate change as a systemic financial risk.