US agencies issue principles for climate-related financial risk management for large financial institutions

Summary

MLex Summary: The US Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency jointly finalized principles that provide a high-level framework for the safe and sound management of exposures to climate-related financial risks for large financial institutions. The principles are intended for the largest financial institutions, those with $100 billion or more in total assets, and address physical and transition risks associated with climate change.