WASHINGTON, D.C.— Today, Better Markets released a new Fact Sheet, “Earth Day Brings Renewed Urgency to Address the Many Financial Risks Caused by Climate Risks,” which examines the growing climate crisis, its impact on the financial well-being of all Americans, and the need for the financial regulatory agencies to adapt and respond to climate risks.

“If not addressed, the impact of climate change will not only make our environment uninhabitable but will also hurt the financial well-being of working Americans throughout the country,” writes the Better Markets team in the fact sheet.  “As we celebrate Earth Day this year, it is increasingly evident that both the negative effects from climate change and the significant policy changes required to forestall the worst of those effects will touch nearly every aspect of society.  Given the clear and increasing impact of climate change across various sectors, evidenced by the growing frequency of climate disasters and the escalating financial losses, the urgency for regulatory bodies to adapt and respond to protect individuals, businesses, and financial stability has never been more apparent.”

The fact sheet details some of the recent actions taken by the financial regulatory agencies to respond to climate risk and protect the public and the financial system and offers some recommendations on further work that must be done.  The financial regulatory agencies have all begun to address climate risk to varying degrees.  Nonetheless, much more needs to be done much more quickly given the gravity of the situation and the speed at which climate change is impacting the world.  A recent study suggests that climate change will inflict losses to the global economy worth $38 trillion annually by 2049.  Financial regulators must do everything possible to minimize and mitigate the effects of climate change.

You can find the fact sheet here.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis 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.