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ARTICLE · 24 FEBRUARY 2021

FRB Governor Describes Progress In Developing Climate-Related Risk Framework

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Federal Reserve Board Governor Lael Brainard described challenges and solutions for incorporating climate-related risk assessments into supervisory frameworks.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Federal Reserve Board Governor Lael Brainard described challenges and solutions for incorporating climate-related risk assessments into supervisory frameworks.

At the "2021 IIF U.S. Climate Finance Summit: Financing a Pro Growth Pro Markets Transition to a Sustainable, Low-Carbon Economy," Ms. Brainard warned that "financial institutions that do not put in place frameworks to measure, monitor, and manage climate-related risks could face outsized losses on climate-sensitive assets caused by environmental shifts, by a disorderly transition to a low-carbon economy, or by a combination of both." She differentiated between (i) "physical risks," such as damage caused by extreme climate shifts, and (ii) "transition risks," including sudden or anticipated changes in policy, technology or consumer behavior.

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