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Deputy Speaker Loren Legarda (PIA NCR file)
CALOOCAN CITY, March 10 (PIA) Deputy Speaker Loren Legarda today called for greater solidarity, cooperation, and action in enhancing the resilience of the Asia-Pacific region in light of the intensifying effects of the climate crisis and the crippling effects of the COVID-19 pandemic as Keynote Speaker at the Plenary Session on Policy and Climate Governance of the 7th Asia-Pacific Climate Change Adaptation Forum.
“The massive scale of the climate crisis has never been more evident than today. We meet today in recognition of a planet that is fast declining, as record highs of 2020 as the warmest year and the period 2011 to 2020 as the warmest decade on record, worsening effects of climate change, and economic shocks from this pandemic set us back to achieve our goals on sustainable and resilient development,” said Legarda, a three-term Senator who is also Global Champion for Resilience of the UN Office for Disaster Risk Reduction
Highlights
The Commodity Futures Trading Commission (CFTC) issued a report in September 2020 highlighting the risk that climate change poses to the stability of the U.S. financial system and the economy. The report, Managing Climate Risk in the U.S. Financial System, was a detailed study of the topic that will provide insights to the Biden Administration s team of regulators.
The CFTC report emphasized that regulators have sufficient existing legislative authority to begin addressing climate-related risks now, through better oversight, risk management and disclosures.
Major findings in the report include: 1) More consistent, reliable and comparable data is needed to make this task meaningful and manageable, 2) regulators and companies can use scenario planning and climate stress testing to reduce climate risks, and 3) an economy-wide price on carbon would allow financial markets to help reduce greenhouse gas emissions more efficiently.
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