E&E News: “The Stock Market May Have a Climate Change Problem”
RFF Senior Fellow Kevin Stiroh’s commentary is featured in this story about climate-related financial risk.
“Kevin Stiroh, a former senior adviser to the Board of Governors of the Fed, published a blog post in December inventorying those and other federal efforts of recent years to understand and communicate climate-related financial risks. Almost all of those have been mothballed.
That included the so-called Task Force on Climate-related Financial Risks, created in the last year of Trump’s first term within the international body that sets prudential standards for banks, which Stiroh cochaired.
In an interview with POLITICO, Stiroh lamented that federal policies to improve transparency and fill knowledge gaps had been conflated with unrelated activism around fossil fuels divestment.
‘A risk is a risk,’ he said. ‘It’s prudent and appropriate for financial policy to incorporate [these risks], and that is not a political statement at all. That is a fundamental risk management statement.’”
