Big Banks Don't Need to Drop Clients Amid Climate Risk Push ... - The Wall Street Journal
Big Banks Don’t Need to Drop Clients Amid Climate Risk Push, Regulators Say - WSJ
July 18, 2023 7:05 pm ET
Top U.S. financial regulators said they don’t expect big banks to stop serving any clients or sectors as the institutions take on climate-related risk.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”