Statement from Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets:
"We congratulate the Federal Reserve for its progress in joining the Network for Greening the Financial System as a full member, a key step toward addressing the systemic financial risk of climate change. Membership presents the Fed with an opportunity to learn from others who have taken critical steps such as implementing climate stress tests for banks and mandating climate risk disclosure. This news, combined with the Fed's recent affirmation of climate change as a systemic financial risk, is a clear indication that the agency is acknowledging its role in addressing the systemic risk of climate change, and pledging much needed leadership in partnership with its global peers.
We applaud the Fed and encourage it to continue raising its ambitions. Given that it is responsible for the safety and security of the world’s largest economy, we hope that it will not only catch up with central banks around the world, but, in time, lead the way in addressing systemic financial risk. Our economy deserves no less.”