Insights & Publications
Diversity, Equity & Inclusion
© 2024 Debevoise & Plimpton LLP
Back to Top
FSOC and Federal Banking Agencies Move on Climate Change
26 October 2021
View Debevoise In Depth
On October 21, 2021, the Financial Stability Oversight Council (“FSOC”) released its Report on Climate-Related Financial Risk (the “Report”). The Report assesses climate-related risks to U.S. financial stability, describes current impediments to addressing climate-related financial risks and proposes nonbinding recommendations to FSOC member agencies to address climate-related financial risk.
The Report was issued as federal banking regulators are focusing on climate-related initiatives and potential regulations to a much greater extent. It also comprises part of President Biden’s “whole-of-government” approach to climate change.
The Report recommends that FSOC member agencies use their existing authorities to address climate-related financial risks in four key areas: (1) building capacity and expanding efforts; (2) filling climate-related data and methodological gaps; (3) enhancing public climate-related disclosures, and (4) assessing and mitigating climate-related risks to financial stability, such as by conducting scenario analyses.
Environmental, Social and Governance (ESG)
Satish M. Kini
Gregory J. Lyons
David W. Rivkin
UK Modern Slavery Act Transparency Statement
Debevoise Login (2)
Debevoise Women's Review