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Illustration: Sarah Grillo/Axios

Climate change is rising higher on the radar for central banks on both sides of the Atlantic.

Driving the news: The Federal Reserve formed a panel aimed at boosting the central bank's understanding of climate's implications for "financial institutions, infrastructure, and markets," officials said Monday.

  • Meanwhile, the European Central Bank (ECB) is creating a new team to bring together climate work happening in different parts of the organization.
  • The new 10-person unit "reflects the growing importance of climate change for the economy and the ECB’s policy," Monday's announcement states.

Why it matters: The moves show how central bankers are increasingly trying to grapple with the ways that climate change can pose dangers to financial stability.

  • The Fed said its new Supervision Climate Committee (SCC) "will build on our climate change work already underway ... and help us take a careful, thoughtful, and transparent approach to analyzing these potential risks.”
  • And Reuters reports that top ECB policymakers said yesterday that the bank "should consider climate risk when buying assets or accepting them as collateral."

The SCC will be led by Kevin Stiroh, who comes to the position from his role as head of the supervision group at the New York Fed and has deepened his climate focus in recent years.

Catch up quick: In December the Fed joined the Network of Central Banks and Supervisors for Greening the Financial System.

  • It's a 3-year-old network of central banks working to manage climate-related risks and help mobilize low-carbon investments.
  • And in November, for the first time, the Fed included climate among the risks described in its formal Financial Stability Report.

Go deeper

Ben Geman, author of Generate
Jan 28, 2021 - Energy & Environment

Microsoft backs direct air capture player Climeworks

Illustration: Sarah Grillo/Axios

Microsoft this morning disclosed investments in more climate-related companies as part of efforts to make good on its year-old pledge to become "carbon negative" by 2030.

Driving the news: One company the tech behemoth is staking is Climeworks, a firm looking to scale up deployment of direct air capture technology that removes CO2 already in the atmosphere.

Ben Geman, author of Generate
Jan 28, 2021 - Economy & Business

Exxon is feeling the heat on climate change action

Expand chart
Data: Yahoo Finance; Chart: Axios Visuals

ExxonMobil, under pressure to boost financial performance and do more on climate change, says it's on the cusp of changes.

Driving the news: The oil giant said Wednesday it would soon update shareholders on plans to "build long-term, sustainable value," and new steps to commercialize tech that's "key to reducing emissions."

Complaint to FTC: Amazon search results full of potentially deceiving ads

Photo: Nigel Kirby/Loop Images/Universal Images Group via Getty Images

Amazon does not sufficiently distinguish between its search results and paid ads, potentially "deceiving millions of consumers," according to a complaint filed to the Federal Trade Commission.

Why it matters: Joan Moriarty, research director for the Strategic Organizing Center, a coalition of labor unions that filed the complaint, told the Washington Post the group is "very hopeful" that the FTC will investigate the complaint because Lina Khan (D), a known Amazon critic, is now chair.