WASHINGTON, D.C. — Amanda Fischer, Policy Director and COO, issued the following statement in connection with Better Markets’ new Fact Sheet entitled, “On Earth Day, the Need to Address Climate-Related Financial Risks is More Urgent Than Ever:”

“No matter how much policymakers try to minimize, disregard, or ignore it, catastrophic climate risk remains an enormous threat to the stability of our economy. Progress over the last several years on understanding, measuring, and acting on climate-related financial risks has been inadequate and uneven, giving us more reasons to worry than celebrate on this year’s Earth Day.

“Whether it’s banking regulators’ dereliction of duty in in failing to hold banks accountable for climate-related financial risk, the Securities and Exchange Commission abandoning its defense of the agency’s climate-related financial risk disclosure rule, or the Commodity Futures Trading Commission’s lack of progress on voluntary carbon markets, inaction and inertia on the risks related to climate disasters threatens families, small businesses and our greater financial system. Households and businesses increasingly find themselves unable to find affordable insurance to protect against climate risk; investors are left on their own to understand how to incorporate climate risks into capital allocation decisions; and derivatives markets to finance emissions reductions evolve without the benefit of regulatory clarity.

“With retrenchment away from the modest reforms adopted over the last few years, the U.S. will fall further behind other foreign markets in understanding and managing climate risks, making our economy less competitive and more susceptible to bailouts. Even absent government action, risks persist. Better Markets will continue to track and highlight all financial risks, regardless of their source.”

The Fact Sheet is available here.

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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.