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The Role of Financial Institutions In Tackling The Challenges Of Climate Change, Federal Reserve Governor Lael Brainard At The 2021 IIF U.S. Climate Finance Summit: Financing A Pro Growth Pro Markets Transition To A Sustainable, Low-Carbon Economy Hosted By The Institute Of International Finance, Washington, D.C.
The Role of Financial Institutions In Tackling The Challenges Of Climate Change, Federal Reserve Governor Lael Brainard At The 2021 IIF U.S. Climate Finance Summit: Financing A Pro Growth Pro Markets Transition To A Sustainable, Low-Carbon Economy Hosted By The Institute Of International Finance, Washington, D.C. Date
18/02/2021
I want to thank the Institute of International Finance for inviting me to join this discussion. Let me start by noting that these are my own views and do not necessarily reflect those of the Federal Reserve Board or the Federal Open Market Committee.1
Tuesday, February 16, 2021
At the beginning of the year, we published a short report on the surge in year-end insurance regulatory activity concerning climate change risks (available here). January was another busy month, and we report below on noteworthy developments in Bermuda, Canada and the United States.
IN DEPTH
As readers will know, outside of the United Kingdom and European Union, most insurance regulators are only now beginning to grapple with how to incorporate climate change risk into their regulatory frameworks. And in the European Union and the United Kingdom, debate continues about the scope and depth of climate change risk regulation. Anecdotally, it appears that many re/insurers in Europe are well advanced in formulating their sustainability policies and in moving toward decarbonizing their investment portfolios (particularly with respect to thermal coal investments), reducing/eliminating their own greenhouse gas emissions and managing climate change ris
The Raise the Wage Act of 2021 has been introduced in both houses of Congress. The act would increase the federal minimum wage to $15 an hour by 2025 and phase out the tipped worker minimum wage of $2.13.
The nonpartisan Economic Policy Institute (EPI) notes that the federal minimum wage has not changed for a decade the longest it has remained the same since the minimum wage was established in 1938. According to the EPI, the increase would affect some 32 million workers, representing 21% of the U.S. workforce. Not only would the change overwhelmingly benefit essential workers, it would work to close the racial wealth gap; EPI says that 31% of Black workers and 26% of Latino workers would get a pay raise if the higher minimum wage takes effect.
2 Min Read
WASHINGTON, Jan 25 (Reuters) - The U.S. Federal Reserve is tapping a senior official to lead a new team focused specifically on financial risks posed by climate change, the central bank announced Monday.
Kevin Stiroh, who previously led bank supervision at the New York Fed, will lead the newly-formed “Supervision Climate Committee,” which gathers senior Fed officials to study what climate change could mean for banks and financial markets.
The move is the latest indication that the Fed is honing in on climate change as an area to closely monitor for potential risks to the financial system. In December, the Fed announced it had joined an international central bank group devoted to climate change. The central bank said in November for the first time that climate change could pose financial stability risks.