Statement: Climate Risk Guidance Is First Step Towards Decarbonizing Finance

WASHINGTON, D.C. – Today, Acting Comptroller of the Currency Michael J. Hsu announced that the Office of the Comptroller of the Currency will issue draft supervisory guidance on climate risk for comment by the end of the year. Public Citizen and partners have called on banking regulators to issue such guidance and have offered recommendations on what it should say. David Arkush, director of Public Citizen’s Climate Program, released the following statement:

“At a time when our global peers are moving toward decarbonizing finance and the U.S. is falling further behind on climate-related financial risk, it’s fantastic to see Acting Comptroller Hsu take this much-needed, meaningful step forward. Supervisory guidance is a first step, but a critical one, and it should lead to further action. We thank him for his leadership and look forward to working with him on this guidance and follow-up actions.”