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Fed s Randal Quarles seeks global coordination on climate-related financial risk
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Last Updated: Jul 12, 2021, 08:28 AM IST
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Randal Quarles, who is also the Federal Reserve s Vice Chair for Supervision, also called for an international effort to develop comprehensive and comparable data on climate-related risks, including better information on the dangers of extreme weather events to business, bank and household balance sheets.
Reuters Globally consistent, comparable, and reliable disclosures, as well as a broader set of high-quality, relevant data, together, can provide the basis to assess climate-related financial risks and the impact on financial stability, Quarles said
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Global financial regulators need a joint effort to address climate-related financial risks, the chair of the Financial Stability Board said on Sunday, urging the body tasked with setting disclosure standards to press forward as quickly as possible.
Specifically, he called for a “rethink” of their role as financiers instead of lending money themselves to promote development and economic stability, the World Bank and IMF would be more useful in the transition to clean energy as insurers that reduce risk for private investors. Fink commented in prepared remarks to the Venice International Conference on Climate, part of the weekend meetings of the Group of 20 in Italy.
“There is private capital that can be mobilized for the emerging markets, but we need to rethink the way the international financial institutions can support low-carbon investments at scale,” he said of the two organizations established 77 years ago in the waning days of World War II. “We need a financing system that isn’t built around bank balance sheets.”