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The US Federal Reserve conducted a pilot climate scenario analysis with six major US banks, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. The analysis revealed significant data gaps hindering banks' ability to manage climate-related risks effectively. Concerns were raised about the accuracy of bank-supplied data and the challenges faced in assessing climate risks.
The @federalreserve is assessing climate risks using RCP8.5 This is zombie science that leads to meaningless results and huge wasted efforts that might actually influence policy https://t.co/9am5NZNYD5
Our @DennisKelleher issued the following statement in connection with the @federalreserve's announcement of the results from its climate scenario analysis exercise. "The results from the @federalreserve's pilot climate scenario are appalling and alarming. These results don’t…
This is bank supplied data - and I know that they err on the side of the “green”. A fascinating point by Stephen Buschbom: regional banks likely don’t have large office loans on their balance sheets. It likely exceeding their maximum lending levels. Let that sink in. https://t.co/FFIVs1yEow