“While the physical risks of climate change cannot be underestimated, climate change is also an emerging and increasing threat to the financial stability of individuals, businesses and our global financial system.  

In particular, low-to-moderate income communities, often communities of color, are more susceptible to flooding and heat waves and have fewer resources to recover from weather-related disasters.  

If climate change begins to impact the safety and soundness of the financial system, those same marginalized communities are likely to suffer first and suffer most.

As we recognize Earth Day 2022, we must take up the mantle to ensure the financial system incorporates climate change in risk management to protect our nation’s fiscal health, firm safety and soundness, and our most vulnerable communities.”