Climate change is an "emerging threat to the financial stability of the United States," Stephen Ledbetter, the manager director and director of coverage on the FSOC, mentioned throughout a name with reporters Thursday.
The council's report comes simply 10 days earlier than the United Nations Climate Change Conference, or COP26, is set to begin. The worldwide talks will happen in Glasgow.
"This report makes it clear that financial regulators understand the need for action to ensure that the climate crisis doesn't cause the next financial crisis," mentioned Ben Cushing, supervisor of the Sierra Club's Fossil-Free marketing campaign, mentioned in an announcement.
He emphasised that the FSOC board not noted "key risk-reduction tools," which makes the report more imprecise and fails to deal with climate change "with the urgency it deserves."
"On top of the threats from climate change itself, climate solutions will threaten financial stability if regulators don't steer finance in a more productive direction," David Arkush, the director of Public Citizen's Climate Program, advised CNN Business.
"As of now, Wall Street is aggressively financing fossil fuels," he added. "Investments that will become worthless as we make progress on climate targets."
The International Monetary Fund lately shared the identical sentiment with CNN Business. Tobias Adrian, the director of the IMF's financial and capital markets division, mentioned the climate crisis may "absolutely" ignite a financial crisis.
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