The push to get banks to consider climate-related risk
The response to a preliminary move by federal banking officials shows how Wall Street regulation is an increasingly important front in climate policy battles.
Driving the news: Over 1,900 people and counting are urging the Office of the Comptroller of the Currency to use the "full extent of its authority" to press large banks to consider climate-related risk and make good on emissions pledges.
- Their comments come via a form letter organized by the activist group Public Citizen to the OCC's draft guidelines released in mid-December.
What's next: The comment period is open until mid-February, and public, corporate and advocacy group submissions typically arrive close to deadlines. So look for more efforts to shape the OCC plan.
- The Sierra Club and other environmental groups are also organizing comment campaigns.
Why it matters: It's just one part of wider pressure on Biden administration regulators and the Federal Reserve to push Wall Street to get more active on global warming.
- Part of the efforts are around greater risk analysis and disclosure, but activists also want regulators to impose policies that would more directly discourage investments in fossil fuels.