A 1% threshold for all line-items in companies’ financial statements is “not the hill I would die on,” said Alex Martin, a senior policy analyst for climate at Americans for Financial Reform, which advocates for tougher financial regulation.
Washington, D.C. – The announcement that Chevron will spend $75 billion on stock buybacks underscores the urgency of reinforcing a measure Congress created last year to penalize companies that engage in a financial practice that amplifies rampant wealth inequality, and in this case boosts the bottom line of a climate-harming industry.
The Federal Reserve pilot climate scenario analysis to spur six major U.S. banks to evaluate their climate risks represents a necessary step towards getting these financial institutions to understand their transition risks and the severe physical threats on their residential and commercial real estate portfolios. But there needs to be a more assertive approach to how megabanks manage their climate risks.
Climate change is a risk multiplier that exacerbates racial and economic inequality, and it is progressing at an alarming rate. Acute and increasingly frequent climate-related disasters, such as wildfires and hurricanes, as well as chronic issues such as heat stress, sea level rise, and drought,
AFREF led comments to the Federal Insurance Office in support of their proposed “Climate-Related Financial Risk Data Collection” from insurers. AFREF supports this data collection because the increasingly prevalent and severe weather hazards caused by climate change pose a massive threat to the housing stability, affordability, and safety of Americans nationwide. Purchasing insurance policies is one of the few actions individuals can take to protect their property from the effects of climate-driven natural disasters. Therefore, the cost and availability of insurance is deeply related to a household’s monthly housing costs and their ability to recover from damages following severe weather.
Americans for Financial Reform Education Fund (AFREF) submitted two comments to the Environmental Protection Agency (EPA) in response to their request for information on the administration and implementation of the $27 billion Greenhouse Gas Reduction Fund (GHGRF), a provision of the Inflation Reduction Act (IRA)
FOR IMMEDIATE RELEASE December 2, 2022 CONTACT Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Fed Takes Critical First Step in Managing Banks’ Climate Risk WASHINGTON, D.C. — The Federal Reserve today proposed climate-related supervisory guidance for major banks that represents an important and long overdue step to
AFREF submitted a supplemental comment to Securities and Exchange Commission (SEC) highlighting market reactions to the passage of the Inflation Reduction Act (IRA). December 1, 2022 Dear Ms. Countryman: This letter is a supplement to prior comments submitted by Americans for Financial Reform Education Fund
WASHINGTON, D.C. — The U.S. Department of Labor’s final rule takes an important step to safeguard the savings of millions of workers who participate in private-sector employee benefit plans by allowing workers’ private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.
Americans for Financial Reform Education Fund (AFREF) submitted two comments to the Commodity Futures Trading Commission (CFTC) in response to their request for information on climate-related financial risk as pertinent to the derivatives markets and underlying commodities markets. A coalition letter submitted jointly by AFREF, Amazon Watch,