WASHINGTON– The Financial Stability Oversight Council ‘s (FSOC) Climate-related Financial Risk Committee (CFRC) today issued a staff progress report on a range of actions underway to support capacity building and disclosure, address data gaps, and assess climate-related financial risks. The CFRC brings together staff from the FSOC’s member agencies. The FSOC committed to forming the CFRC in the FSOC Climate Report, released in October 2021, and the committee began meeting regularly in February 2022.
In July 2022, the FSOC issued a fact sheet detailing the progress its member agencies had made implementing the FSOC Climate Report’s recommendations. Today’s staff progress report provides a further update on these efforts. The FSOC and its member agencies have made notable progress in the past year across the major thematic areas of the FSOC Climate Report, including:
FSOC and its member agencies continue to view climate-related financial risks as a key priority and intend to advance the recommendations in the FSOC Climate Report. Staff participating on the CFRC intend to continue using it as a forum for interagency engagement, coordination, and information sharing. Staff also intend to focus on data sharing and the development of key risk indicators for risk assessment purposes, and further explore the intersection between physical risk, real estate, banking, insurance, and household finances.
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