Climate change is already costing the global economy — and damage will only worsen without green initiatives, Fed’s Brainard says

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Climate change is affecting financial institutions and economies around the world, and transitioning to a green economy is necessary to avoid major damage, Federal Reserve Governor Lael Brainard said Thursday.

The Fed has increasingly emphasized the need to adapt the US economy and the financial system to handle climate-related risks. Brainard doubled down on such calls on Thursday, noting institutions that don’t take necessary precautions could face “outsized losses on climate-sensitive assets.”

“Climate change is already imposing substantial economic costs and is projected to have a profound effect on the economy at home and abroad,” she said details ⇒

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