Republican senators condemn the Federal Reserve’s climate stress tests as politically motivated, demanding that chairman Jerome Powell “reign in the Fed’s regional banks”.
Christopher Waller said he believes that the “risks posed by climate change are not sufficiently unique or material to merit special treatment”.
The proposed rules would require companies to disclose more climate-related information, such as scope emissions, risks related to climate change, and transition plans.
A new report shows that the world’s 60 largest banks provided US$673bn in fossil fuel finance in 2022, undermining net-zero pledges and emphasising the urgent need for greater banking regulation.
The ECB board member also argued that central bankers are “climate and environmental policy takers”, in that they “need to take climate and environmental factors into account”.
This green deposit framework is the first of three that Governor Shri Shaktikanta Das has said the central bank would be releasing in the coming months.
Advocates note “the window for reallocating capital in line with a 1.5ºC transition is narrow, and current action is falling short”.
Withdrawals are the latest blow to the Glasgow Financial Alliance for Net-Zero.
Policies with “major loopholes and weaknesses” allow firms to “continue providing financial services that are essential to the development of new coal, oil and gas projects”.
The latest report from climate scientists also calls for “reduced mismatches between available capital and investment needs”.
Ueda’s few statements on using monetary policy to address climate change suggest he may not support the idea.
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