"The Commodity Futures Trading Commission aims to create a new Climate Risk Unit, joining initiatives at Treasury, the Securities and Exchange Commission, and the Federal Reserve".
"A growing number of federal regulators are pushing corporate America to reckon with the cost of climate change, arguing that global warming poses significant peril not only to the environment but also to the U.S. economy.
On Wednesday, Rostin Behnam, the acting chairman of the Commodity Futures Trading Commission, announced that he is establishing a Climate Risk Unit to focus on the role of complex financial derivatives in understanding and pricing climate-related hazards. That follows a request on Monday by the Securities and Exchange Commission for public input on how to require companies to disclose “consistent, comparable, and reliable information on climate change” risks to investors.
The moves come as President Biden’s administration is pledging to slash greenhouse gas emissions and following the U.S. record for billion-dollar weather and climate disasters set in 2020. There were 22 extreme weather events last year — ranging from tropical cyclones to drought — that cost taxpayers, businesses, investors and homeowners a combined $95 billion, according to the federal government."
Steven Mufson and Juliet Eilperin report for the Washington Post March 17, 2021.
SEE ALSO:
"Yellen Vows To Use 'Full Power' Of U.S. Government To Tackle Climate Change" (Reuters)
"Analysis: Why Biden's Securities Regulator Faces Climate Crackdown Challenges" (Reuters)
"Factbox: The U.S. Securities Regulator's Forays Into Climate Change Enforcement" (Reuters)
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