Repeat it til you believe it

9 Sep 2020 By Antony Currie Follow @AntonyMCurrie

A CFTC-led study on the financial risks from global warming isn’t revelatory. Instead, it rehearses the dangers and suggests solutions already common in Europe and elsewhere. Backing from Wall Street, Big Agriculture and Big Oil helps point to a more consistent response.

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A report commissioned by the Commodity Futures Trading Commission and published on Sept. 9 calls climate change “a major risk to the stability of the U.S. financial system and its ability to sustain the American economy.”

The report, “Managing climate risk is the U.S. financial system,” also gives 53 recommendations for how regulators can be better prepared to deal with the risks of global warming and to foster innovation to tackle it. These range from establishing a price for carbon to integrating climate risk into fiscal policy.

On Sept. 1 Allianz, Amazon.com, Microsoft, S&P Global and the Linux Foundation launched the LF Climate Finance Foundation. The goal is to develop an artificial intelligence-assisted open-source data and analytics platform in conjunction with another nonprofit, OS-Climate, for asset managers, asset owners, banks, governments and others to assess climate risk.

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