Recent assessments have highlighted significant challenges faced by banks in managing climate-related financial risks. According to the Federal Reserve and statements from Wall Street banks, there are substantial data gaps and modeling challenges that complicate efforts to effectively gauge and manage these risks. Frank Elderson, Vice-Chair of the Supervisory Board, noted that while banks have improved their assessments, much work remains. Additionally, investors in renewable energy are urged to evaluate the climate-related financial risks in banks, and regulators are tasked with identifying the extent of banks' exposure to climate risks.
US banks face climate risk data challenges, Fed analysis shows https://t.co/67xtV5gUzo https://t.co/g0DQUtUhd9
Big banks complete climate analysis for Fed while Powell tries to avoid becoming climate policymaker https://t.co/u3Ws6GlT6x by @Jenniferisms
Wall Street banks told the Federal Reserve that there are significant data gaps that make it tough to properly manage climate-related risks to their businesses. https://t.co/iRbcRJo3KN
US bank climate change exam highlights data, modelling challenges, says Fed https://t.co/ObPDRHssYS https://t.co/Zs0K7JHv2Q
.@ClimateSenators @SenateCA @OSFICanada @OSFIBSIF_leader @bankofcanada Green Bubbles about to Burst but Canadian Banking Sector Presses on with #NetZero Obsession "..those promoting trends in economic impacts of floods and other extremes as evidence of human-caused changes in… https://t.co/osL2ojXFGp
While investors of #Renewable Energy must assess the #climate-related financial risk of banks, regulators can identify and determine the extent of exposure to climate risks in banks’ books, Labanya Prakash Jena & Prasad Ashok Thakur https://t.co/hUCbVeNMhr
To manage climate and environmental risks, banks need to know how exposed they are. As supervisory action escalates, most banks have upped their game, says Supervisory Board Vice-Chair Frank Elderson. But beyond materiality assessments, a great deal more work lies ahead 1/2 https://t.co/PWdNtgBXYq