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Wildfires threaten California communities on new financial front
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Why SEC s climate disclosure rules could hit banks hardest
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Photo: Spencer Platt (Getty Images)
This Earther report is being co-published with the
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The Biden administration has pledged to make the climate crisis a top-tier issue, authorizing a “whole of government” to take on climate change. That would mean the responsibility to legislate environmental action wouldn’t be left up only to the Environmental Protection Agency and the Department of Energy, but would extend to all agencies, including financial regulators.
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Already, over the past few weeks, Biden’s Security and Exchange Commission (SEC) announced that it will update its guidelines on how climate risks should be disclosed to investors, and launched a task force to focus on climate-related compliance and misconduct. The SEC has also refused to help ExxonMobil block a shareholder vote on a climate-change resolution. (Although the commission did just let the company reject a shareholder proposal to force the operation to disclose what it plans to do with its
POLITICO
As banks retreat from fossil fuels, a Trump regulator says stop
The rule directing banks not to deny loans to entire industries such as fossil fuels was finalized at lightning speed as the Trump administration winds down.
The rule from the Trump administration says banks cannot deny loans to entire industries such as oil and gas. | Spencer Platt/Getty Images
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The Trump administration on Thursday said big banks can t deny loans to entire industries including fossil fuel companies and private prisons, ignoring criticism from lenders, investors, consumer groups, Democrats and some conservatives.
The rule, issued by acting Comptroller of the Currency Brian Brooks on his last day in office, was finalized at lightning speed as the Trump administration winds down, and its critics widely expect the Biden administration or congressional Democrats to render it void.