The climate crisis is an 'emerging threat' to financial stability, regulators say

Climate change is an "emerging threat to the financial stability of the United States," Stephen Ledbetter, the manager director and director of coverage on the FSOC, mentioned throughout a name with reporters Thursday.

"This report makes it clear that financial regulators understand the need for action to ensure that the climate crisis doesn't cause the next financial crisis," mentioned Ben Cushing, supervisor of the Sierra Club's Fossil-Free marketing campaign, mentioned in an announcement.

He emphasised that the FSOC board not noted "key risk-reduction tools," which makes the report more imprecise and fails to deal with climate change "with the urgency it deserves."