The Federal Reserve announced on Thursday that six of the country’s biggest banks will participate in a pilot climate risk analysis exercise set to begin next year.
The pilot program is a big move for the central bank, which has faced pressure from the Left to focus more on climate change even as it has faced pressure from Republicans to avoid climate policy. The banks that will take part in the pilot are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.
“Over the course of the pilot, participating firms will analyze the impact of the scenarios on specific portfolios and business strategies. The Board will then review firm analysis and engage with those firms to build capacity to manage climate-related financial risks,” the Fed said in a news release.The central bank plans to publish the insights gained through the pilot exercise at an aggregate level, while no firm-specific data will be released to the public.
Michael Barr, the Fed's vice president of supervision, first disclosed the plans for the pilot program in a speech in Washington, D.C., earlier this month. While offering little in the way of details, Barr said the “pilot micro-prudential scenario analysis exercise” would be conducted to “better assess the long-term climate-related financial risks facing the largest institutions.”
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