Wed Oct 19, 2022 – 6:39 pm EDT
(LifeSiteNews) – Six of the United States’ largest banks are launching in early 2023 a pilot “climate scenario” exercise in order to better “measure and manage climate-related financial risks.”
In announcing the new analysis exercise, the Federal Reserve did not specify what exactly will be considered a “climate-related financial risk,” but said the banks will consider “a range of possible future climate pathways and associated economic and financial developments.”
The banks participating in the pilot exercise are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. The Federal Reserve has shared that its Board “will provide additional details on how the exercise will be conducted and the scenarios that will be used in the pilot” in “the coming months.”
A “Climate Financial Risk 101” webpage by Resources for the Future (RFF), an environmentalist nonprofit supporting net-zero emissions policies, explains that government and corporate policies as well as so-called “climate-related” physical changes can be considered to contribute to “climate financial risk.”
For example, RFF noted that natural disasters such as wildfires and hurricanes, which the organization claims are linked to “rising temperatures” and other climate
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