Brainard: Banks must be resilient to climate change
Banks need to be resilient to climate change but measuring their exposure to risks is “challenging,” United States Federal Reserve Board of Governors Member Lael Brainard said on Friday.
Brainard also stated that climate change can pose financial stability. She added that climate change has created new modeling challenges in banks and that it is a “major challenge of our times.”
Earlier, Fed Chair Jerome Powell said that financial stability and the supervision of financial institutions will be the two most important topics central banks will need to deal with in relation to climate change.
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