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Fed-led climate scenario analysis highlights data gaps, insurance costs
By 
Aaron Nicodemus2024-05-10T19:20:00
The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.
The analysis, released Thursday, was intended to help “learn about large banking organizations’ climate risk management practices and challenges and to enhance the ability of large banking organizations and supervisors to identify, estimate, monitor, and manage climate-related financial risks,” according to its executive summary.
Banks participating in the exercise included Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.
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