FSOC releases fact sheet on climate-related progress

Federal Issues Department of Treasury Climate-Related Financial Risks FSB

On July 28, the Financial Stability Oversight Council (FSOC) released a Fact Sheet detailing the progress made to-date by the FSOC’s members in implementing the climate-related financial risk report’s recommendations. As previously covered by InfoBytes, in October 2021 the FSOC released a report, Report on Climate Related Financial Risk, identifying climate change as an emerging threat to financial stability and issued over 30 related recommendations to financial regulators. According to the Fact Sheet, the FSOC has made substantial progress since the October 2021 report by: (i) enhancing public climate-related disclosure; (ii) assessing and mitigating climate-related risks that could threaten U.S. financial stability; (iii) building capacity and expanding efforts to address climate-related financial risks; and (iv) filling climate-related data and methodological gaps.