Brainard sets out Fed’s approach to climate risk
Fed board member sets out agenda similar to that of other major central banks
Federal Reserve board member Lael Brainard warned that financial institutions “could face outsized losses on climate-sensitive assets” if they fail to prepare for climate change impacts.
Speaking to the Institute of International Finance on February 18, Brainard advocated “robust risk management, scenario analysis and forward planning” to prepare for shifts in environmental conditions. Her speech made it plain that the Fed is adopting an approach to climate-related risk very similar to that of
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