
Striking the right balance between work and freedom
The coronavirus pandemic has prompted us to rethink how we work in so many ways, including where we work — whether …
October 25, 2021: On Thursday, the Treasury Department’s Financial Stability Oversight Council released a report that assessed the risks changes climate poses to the U.S. financial system and provided recommendations to protect the economy.
The council issued the report in response to President Joe Biden’s executive order that directed Treasury Secretary Janet Yellen, the head of the FSOC, and financial regulators to produce a report on climate-related financial risk data.
The blueprint potentially moves forward new regulations and oversight related to climate-based financial risk on Wall Street.
Climate-related disasters such as heatwaves, drought, floods, and wildfires have grown more frequent and threaten to upend the financial system’s stability. According to the National Oceanic and Atmospheric Administration, in 2020 alone, a record number of disasters caused $95 billion in damages.
The FSOC’s report also accounts for how climate change will likely create abrupt shocks to the financial system in the coming years. The report said that different sectors would experience stresses as policy, consumer sentiment, and technologies shift to mitigate climate change.
For instance, last year, a Commodity Futures Trading Commission panel cited data estimating that between $1 trillion and $4 trillion in global wealth connected to fossil fuels could be destroyed.
On Thursday, During a call with CNBC, a senior Treasury official said the FSOC anticipates all council members will sign on to the report and formally establish the Climate-related Financial Risk Committee with a charter.
Over 20 federal agencies published climate adaptation plans identifying the most significant threats climate change poses to their operations and facilities and planning to address them.
More recently, the Biden administration published a governmentwide roadmap to account for the way climate change could harm the companies invested in and protect American families’ savings with retirement plans.
In November, the president is set to attend the United Nations Climate Change Conference of the Parties, or COP26, in Scotland. The U.S. has vowed to slash domestic greenhouse gas emissions in half by 2030 and reach net-zero emissions by 2050.
The coronavirus pandemic has prompted us to rethink how we work in so many ways, including where we work — whether …
Many countries are now welcoming employees back to work after a long period of uncertainty caused by the …
People who have an entrepreneurial mindset learn to spot new opportunities and create value inside a business naturally and …
COVID-19 has made routine modern-day disruptions for businesses even more challenging, impacting everything …
Innovations must be unconventional and ought to push boundaries. Innovation-driven people are …
COVID-19 changed the corporate environment in the blink of an eye, highlighting a vital, often misunderstood truth: that to …
July 5, 2022: -Germany’s road traffic agency determined Tesla models Y and three because of a fault in the automatic …
July 5, 2022: -On Monday, the company said that Crypto lender Vauld halted all withdrawals, trading, and warranties …
June 30, 2022: -On Tuesday, NATO Secretary-General Jens Stoltenberg said that the most powerful military alliance …
June 30, 2022: -A U.S. Federal Communications Commission leader said that he had asked Apple and Google to remove …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you