Federal Reserve Chairman Jerome Powell said Friday climate change is a threat to the global economy and called for the United States to lead a coordinated response to that threat.
“There is no doubt that climate change poses profound challenges for the global economy and certainly the financial system,” Powell said in remarks made virtually at the Green Swan Conference.
The conference website describes its mission:
The Bank for International Settlements, Bank of France, International Monetary Fund and Network for Greening the Financial System are joining forces to co-sponsor a truly unique global virtual conference on “How in practice can the financial sector take immediate action against climate change-related risks?”
CNN reported on Powell, who has served under Presidents Barack Obama, Donald Trump, and Joe Biden:
Powell said the Fed sees its role in the climate crisis as “an important one tied tightly to existing mandates.” The climate