Fed Official Downplays Near-Term Climate Risks But Seeks Orderly Transition

San Francisco Federal Reserve Bank President and CEO Mary Daly says climate change may pose a long-term risk to financial institutions that requires further study, though she is arguing for preparations now to ease the transition to a cleaner energy economy while noting that rebuilding the economy from the pandemic poses a more immediate concern. “I think that the climate risk and [its] immediate impact on the economy . . . one to two years out, it’s actually not very...