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For Immediate Release
September, 29 2022, 02:38pm EDT
Contact:
Ginny Cleaveland, Deputy Press Secretary, Fossil-Free Finance, Sierra Club, ginny.cleaveland@sierraclub.org, 415-508-8498
Federal Reserve's Climate Pilot for Banks a Promising Start in Effort to Rein in Wall Street's Risky Behavior
Agency to launch climate scenario analysis exercise in early 2023 to allow better measurement, management of climate-related financial risks.
WASHINGTON
Today the country's most powerful financial regulator, the Federal Reserve, announced that six of the nation's largest banks will participate in a pilot climate scenario analysis exercise designed to allow better measurement and management of climate-related financial risks.
The banks in the pilot exercise are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. The pilot will be launched in early 2023 and is expected to conclude at the end of the year.
The Fed's announcement follows guidance released earlier this year from the Office of the Comptroller of the Currency (OCC) and Federal Depository Insurance Corporation (FDIC) detailing their expectations for how big banks must respond to climate risks.
The Sierra Club's Fossil-Free Finance campaign called the news a promising starting point in the urgent effort to rein in Wall Street's harmful practices that are driving climate change and destabilizing our economy. The Sierra Club and Rainforest Action Network's annual Banking on Climate Chaos report reveals that US banks are some of the biggest financiers of fossil fuels in the world.
"The climate crisis already affects financial institutions and the broader economy, but banks are seriously unprepared to respond and adapt. In fact, big banks still pour billions into fossil fuels, ignoring the serious risks posed by climate change and threatening the savings of everyday Americans in the process. As the country's most powerful financial regulator, the Federal Reserve is finally sending a strong signal to banks to start taking climate risk seriously and prepare for the clean energy transition. This is a promising first step in the urgent effort to rein in Wall Street's dangerous and reckless behavior and protect our financial system from a climate-driven economic crash," said Adele Shraiman, Campaign Representative in the Sierra Club's Fossil-Free Finance campaign.
As America's central bank and most powerful financial regulator, the Federal Reserve is responsible for fighting inflation, promoting full employment, and keeping our financial system stable. The agency also has a legal mandate to respond to emerging threats, like climate change, that could have severe impacts on the stability of our financial system if left unchecked.
As the US grapples with another summer of extreme weather -- soaring temperatures, intense droughts, scorching wildfires, and flash floods -- it's becoming increasingly urgent for our financial regulators to use their authority to adequately prepare for the ways the climate crisis will threaten our financial system.
Read more in this Sierra Club articles that outlines next steps for the Federal Reserve -- including stress tests with climate considerations and higher capital requirements for high-carbon assets -- and how the pilot exercise can help prevent another 2008 crash: Major US Financial Regulators Move to Protect Financial System From Climate Risk.
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
(415) 977-5500LATEST NEWS
'No More Money for Netanyahu's War Machine,' Says Sanders After Latest Gaza Atrocities
"Another school bombed, killing 14 people, including six U.N. aid workers," U.S. Sen. Bernie Sanders wrote. "Enough is enough."
Sep 12, 2024
U.S. Sen. Bernie Sanders reiterated his call for an end to American arms transfers to the Israeli military on Wednesday following the latest deadly attack on a school-turned-shelter for displaced people in central Gaza.
In a social media post, Sanders (I-Vt.) highlighted atrocities committed by Israeli forces over just the past week, including the bombing of a so-called "safe zone" and the killing of an American citizen in the West Bank.
"Now, another school bombed, killing 14 people, including six U.N. aid workers," Sanders wrote. "Enough is enough. No more money for Netanyahu's war machine."
Israel's bombing of the United Nations-run al-Jaouni school in the Nuseirat refugee camp on Wednesday was the most recent in a string of attacks on displaced people who have been forced by the Israeli military's evacuation orders and relentless airstrikes to crowd into ever-shrinking slivers of Gaza.
The school was sheltering around 12,000 people at the time of the Israeli airstrikes, according to the head of the United Nations.
Israel's military
claimed it was targeting militants. Hospital officials said at least two children were among those killed in Wednesday's strike.
The Israeli attack on the tent city of al-Mawasi earlier this week appeared to have been carried out with 2,000-pound bombs supplied by the United States, killing or wounding dozens of people including entire families.
"The United States is complicit in this individual crime, as well as in Israel's genocide of Palestinians, because it continues to supply Israel with weapons, despite knowing that the Israeli army uses these massively destructive weapons to regularly kill hundreds of civilians," the Euro-Mediterranean Human Rights Monitor said in a statement Tuesday.
"All nations that cooperate with Israel in committing crimes by providing it with any kind of direct support or assistance must be held accountable, most notably the United States," the group added. "Giving aid and engaging in contractual agreements with Israel relating to the military, intelligence, politics, law, finance, and the media, among other domains that might help its crimes continue, is enabling Israel to commit its atrocities against Palestinians."
The United States has provided Israel with over 50,000 tons of weaponry and other military equipment since the October 7 Hamas-led attack, and the Biden administration recently signed off on a $20 billion sale of F-15 fighter jets, mortar shells, and other wares.
With U.S. support, Israeli atrocities in Gaza continue to mount.
Shortly before the school attack on Wednesday, Israeli forces bombed "a home near the southern Gaza city of Khan Younis, killing 11 people, including six brothers and sisters from the same family ranging in age from 21 months to 21 years old," news agencies
reported.
"A strike late Tuesday on a home in the urban Jabalia refugee camp in northern Gaza killed nine people, including six women and children," the news outlets added. "
The civil defense agency said the home belonged to Akram al-Najjar, a professor at the al-Quds Open University, who survived the strike."
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UNRWA Says 6 Workers Among at Least 18 Killed in Israeli Strikes on Gaza School
"This school has been hit five times since the war began. It is home to around 12,000 displaced people, mainly women and children. No one is safe in Gaza. No one is spared."
Sep 11, 2024
The United Nations relief agency for Palestine said Wednesday that six of its workers are among the at least 18 people killed in a pair of Israeli airstrikes targeting a U.N. school in the Gaza Strip where thousands of forcibly displaced Palestinians were sheltering.
The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) said the Israeli strikes on one of its schools, located in Nuseirat in central Gaza, resulted in "the highest death toll among our staff in a single incident" since Israeli forces began bombarding the strip following last October's Hamas-led attack on Israel.
"Among those killed was the manager of the UNRWA shelter and other team members providing assistance to displaced people," the agency said. "Sincere condolences to their families and loved ones. This school has been hit five times since the war began. It is home to around 12,000 displaced people, mainly women and children."
Victims of the strikes included women and children.
Earlier on Wednesday the United Nations said the school had been "previously deconflicted with the Israeli forces."
"No one is safe in Gaza. No one is spared," UNRWA stressed. "Schools and other civilian infrastructure must be protected at all times, they are not a target."
Responding to the attacks, U.N. Secretary-General António Guterres said on social media that "these dramatic violations of international humanitarian law need to stop now."
Israel is currently on trial for genocide at the International Court of Justice, a U.N. body. International Criminal Court Prosecutor Karim Khan is also seeking arrest warrants for Israeli Prime Minister Benjamin Netanyahu, Israeli Defense Minister Yoav Gallant, and three Hamas leaders—at least one of whom, Ismail Haniyeh, has been assassinated.
Over the past 341 days, Israel's assault on Gaza has left more than 145,000 Palestinians dead, maimed, or missing, according to Palestinian and international officials. Nearly all of Gaza's 2.3 million people have been forcibly displaced, while Israel's "complete siege" of Gaza has starved and sickened millions of Palestinians, dozens of whom have died of malnutrition, dehydration, and lack of medical care.
UNRWA says around 200 of its staff members have been killed in more than 450 Israeli attacks on agency facilities since October. More than 500 Palestinians have been killed while seeking shelter under the U.N. flag.
Responding to Israeli claims—reportedly extracted from Palestinian prisoners in an interrogation regime rife with torture and abuse—that a dozen of the more than 13,000 UNRWA workers in Gaza were involved in the October 7 attack, numerous nations including the United States cut off funding to the agency. Almost all of them have restored funding as Israeli lies have been debunked.
Bucking this trend, U.S. President Joe Biden in March signed a bill prohibiting American funding for UNRWA.
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Grieving Father Tells 'Morally Bankrupt' GOP to Stop Exploiting Son's Death to Foment Hate
"Using Aiden as a political tool is, to say the least, reprehensible for any political purpose," said Nathan Clark.
Sep 11, 2024
A day after the Trump campaign saw fit to spread baseless lies about Haitian immigrants in the city of Springfield, Ohio, a grieving father with a deep connection to the bigoted viral stories was forced to speak out.
Springfield resident Nathan Clark spoke at the City Commission meeting that was held shortly before former President Donald Trump faced Vice President Kamala Harris in Tuesday's debate.
Clark was there to speak on behalf of his son, Aiden, who was tragically killed in August 2023 when a man who had moved to Springfield after immigrating to the U.S. from Haiti accidentally drove into the school bus the boy was riding, sending it into a ditch.
On Monday, without notifying the family in advance or receiving their permission, the Trump campaign posted a photo of Aiden and blamed Harris for his death.
"Using Aiden as a political tool is, to say the least, reprehensible for any political purpose," Clark said Tuesday, adding that politicians who have spoken about his son while attacking immigrants are "morally bankrupt."
"They have spoken my son's name and used his death for political gain," he said.
The child's death was also mentioned by Vance on Monday in a lengthy post on the social media platform X, in which he repeated unverified rumors about Haitian immigrants in Springfield abducting residents' pets and eating them.
"It's possible, of course, that all of these rumors will turn out to be false," said the senator, before adding that "a child was murdered by a Haitian migrant who had no right to be here," and explicitly blaming immigrants for rising rates of communicable diseases like tuberculosis and HIV—claims that health authorities have said are false.
On Tuesday, Clark took Vance to task—along with Republican Senate candidate Bernie Moreno, Rep. Chip Roy (R-Texas), and Trump—for using his son's name for political gain in their attacks on migrants.
The spiraling rumors, he said, had left him wishing that a "60-year-old white man" had caused his son's death.
"If that guy killed my 11-year-old son, the incessant group of hate spewing people would leave us alone," said Clark. "The last thing that we need is to have the worst day of our lives violently and constantly shoved in our faces. Even that's not good enough for them. They take it one step further. They make it seem as though our wonderful Aiden appreciates your hate, that we should follow their hate. And look what you've done to us. We have to get up here and beg them to stop."
Soon after Clark spoke out, Trump once again spread the lie about migrants eating pets in Springfield—which authorities in the city have said are false—at the presidential debate.
Clark suggested that he can't stop Republican politicians who "vomit all the hate they want" about immigration and "untrue claims about fluffy pets being ravaged and eaten by community members."
"However, they are not allowed, nor have they ever been allowed, to mention Aiden Clark from Springfield, Ohio," he said.
"In order to live like Aiden, you need to accept everyone, choose to shine, make the difference, lead the way and be the inspiration," Clark continued. "Did you know that he researched different cultures to better appreciate and understand people that he interacted with? Did you know that one of the worst feelings in the world is to not be able to protect your child? Even worse, we can't even protect his memory when he's gone."
"Please stop the hate," he said. "I said to Aiden that I would try to make a difference in his honor. This is it. Live like Aiden."
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