Warren asks banks to assess their risk from climate change by writerknowles
“The climate crisis demands that banks accurately estimate and mitigate risks to social and economic stability; it also presents mutually beneficial investment opportunities, particularly in climate-resilient urban infrastructure,” Warren, a leading candidate for the Democratic presidential nomination, wrote to JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Bank of New York Mellon, Morgan Stanley and State Street Bank and Trust Co.
“I write to ask for more information about the risks cause by the climate crisis on the financial industry and your institution’s practices, including what step, if any, your institution is taking to mitigate these risks.” Warren said in her letter. Teenage climate activist Greta Thunberg offered a starkly different assessment in her own speech at Davos.
In a November speech Mary C. Daly, president and CEO, Federal Reserve Bank of San Francisco said that “climate change is an economic issue we can’t afford to ignore.”
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