US Challenges Climate Risk Task Force

In a move that has sparked international attention, United States financial regulators, spearheaded by the US Federal Reserve, are advocating for a significant downgrade of the Basel Committee on Banking Supervision's climate risk task force. Established in 2020, this task force was a pivotal step towards evaluating and mitigating climate-related financial risks.

Potential Demotion on the Horizon

Insiders from the Basel Committee have revealed to the Financial Times that there's a looming possibility of the task force being reduced to a working group status in the forthcoming assembly of financial leaders. This development could mark a notable shift in how climate risks are addressed within the global financial system.