Fed Details Steps For Banking Giants In Climate Risk Analysis ‘Pilot’

The Federal Reserve is detailing steps that six banking giants must take to assess climate change-related financial risks, arguing its year-long pilot program to conduct climate scenario analysis will help banks and regulators better identify and manage such risks. Officials released a Jan. 17 document summarizing the program that offers the most detail to date about the Fed’s work on climate risks, but progressive advocates nonetheless warn the effort could understate some risks and fail to push banks to curb...