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During a conference call with reporters on Thursday, Stephen Ledbetter, executive director and director, policy at FSOC, stated that climate change is a “emerging threat” to the financial stability in the United States.
“This report shows that financial regulators are aware of the need to take action to prevent the next financial crisis from being caused by the climate crisis,” said Ben Cushing, the Sierra Club’s Fossil-Free campaign manager, stated in a statement.
He stated that the FSOC board did not include “key risk-reduction instruments,” which makes the report more vague. It also fails to treat climate change with the urgency it deserves.
“In addition to the risks from climate change, financial stability will be at stake if regulators don’t steer finance towards a more productive direction,” David Arkush (director of Public Citizen’s Climate Program) told CNN Business.
He said that Wall Street is currently financing fossil fuels aggressively. “Investments that are not worth making as we move towards climate targets will be worthless.”
