Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Eniola Odetunde/Axios

A key member of the Federal Reserve's board said climate change is "already imposing substantial economic costs" as she laid out new information about the Fed's approach to the topic.

Why it matters: Lael Brainard's remarks signal the Fed's deepening involvement in the nexus between global warming and the financial system.

  • The comments also matter because she's seen as a frontrunner to be the Fed's next chair if President Biden replaces Jerome Powell, a Trump appointee, when his term expires early next year.

Driving the news: Lael Brainard, speaking to a climate conference Thursday, said a few things worth noting...

1) She moved toward backing compulsory disclosure of climate risks by financial institutions.

  • "Ultimately, moving toward standardized, reliable, and mandatory disclosures could provide better access to the data required to appropriately manage risks," Brainard said at the Institute of International Finance event.

2) Brainard said the Fed should subject financial institutions to "scenario analysis" to determine risks from physical effects of climate change and the transition to a low-carbon economy.

  • Of note: While environmentalists have called for "climate stress tests" of banks akin to tests of their ability to withstand economic shocks, Brainard didn't go that far.
  • She said it's not a "regulatory exercise" like stress tests but instead an "exploratory" effort to gauge "business model resilience to a range of long-run scenarios."
  • A number of Republicans have pushed back against the idea of climate stress tests.

3) Brainard also offered a little more info about the Fed's recently formed "Supervision Climate Committee."

  • She said it's already interacting with a "diverse group" of financial institutions and industry groups to see how thinking about climate risks and opportunities and preparing for a low-carbon economy.

Go deeper

Ben Geman, author of Generate
Feb 18, 2021 - Energy & Environment

Facebook expands program to fight climate lies

Illustration: Eniola Odetunde/Axios

Facebook is expanding the geographic reach of its recently launched online portal to counter misinformation about climate change, and will take new steps to steer users of the platform toward those resources.

Why it matters: Social media platforms have immense reach, and they've come under fire from activists and some lawmakers globally for doing too little to thwart the spread of inaccurate content.

Bryan Walsh, author of Future
Feb 17, 2021 - Energy & Environment

The battle over climate change's most important number

Illustration: Annelise Capossela/Axios

Economists are urging the U.S. government to adopt a higher number for the social cost of carbon emissions.

Why it matters: The social cost of carbon might be the single most important number on climate change, one that helps decide how much we're willing to invest to slow global warming — and how much we actually value the future.

Mike Allen, author of AM
4 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.