The first public report on climate-related risks to financial markets ever commi...
FILE PHOTO: A wind-driven wildfire burns near power line tower in Sylmar, California, U.S., October 10, 2019. REUTERS/ Gene Blevins
The report, by a 35-member panel formed last month by the Commodity Futures Trading Commission, “will address both the short-term financial risks that may be associated with the transition to a low carbon economy, as well as the current and future market and financial risks associated with the physical risks that will arise from a warming climate,” Bob Litterman, a partner at hedge fund Kepos Capital and the panel’s chair, said at a public meeting held at the CFTC’s Washington headquarters.
Regulators in Europe have begun to weave climate risks into their supervision of markets and banks. But U.S. regulators have been slow to respond to the threats that a warming planet can pose to financial assets. These include frequent wildfires and destructive hurricanes which may jeopardize the value of assets that underlie the trillions of dollars bought and sold in the world’s biggest financial markets and the farmers, banks and insurers that use those markets.
In June, Rostin Behnam, one of two Democrats on the five-member CFTC, signaled he wanted to change that, announcing he would form a subcommittee to examine how climate change threatens not only the derivatives markets his agency oversees but the stability of the broader financial system.
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