We were delighted to host this special one-day U.S. Climate Finance Summit, which offered insights from senior government officials and regulators as they chart course on U.S. climate policy.

We brought together CEOs from leading banks, insurers and asset managers, along with climate experts from across the scientific and academic community for a lively discussion of how best to support a pro-growth, pro-markets transition to a sustainable, low-carbon economy.

Climate change is increasingly seen as one of the greatest challenges of our time. More extreme weather events, environmental damage associated with pollution, rising sea levels or biodiversity loss, for example, have far reaching implications for all sectors of the global economy and financial markets. With climate risk now universally defined as financially material, the financial services industry must identify, measure and disclose these risks—not only to their own operations but across their global lending and investment activities. Regulators and policymakers worldwide are re-examining their mandates, frameworks and policy toolkits to address these risks, supported by fast-moving private sector initiatives to build the appropriate datasets, metrics and methodologies to ensure these risks are appropriately managed.

At the same time, the financial sector has unprecedented opportunities, with a clear mandate to intermediate trillions of dollars to new industries, cutting-edge technologies and climate-resilient infrastructure, building on decades of commitment to sustainable finance. Demand for innovative financial products and solutions that can enable carbon emissions reductions, mitigate climate risk and strengthen resilience has skyrocketed. The financial sector can also play a vital role in establishing a credible price on carbon—widely seen as key to progress on climate goals.


In the U.S., top officials from the Fed, the SEC and the CFTC have all highlighted the potential impact and risks of climate change for the U.S. economy and financial system. The incoming Biden Administration has elevated climate change to a top priority, reflecting growing public concern about climate change and increasingly visible calls for action from the U.S. business community. Internationally, the U.S. will be much more engaged on global climate issues, as signaled by the Fed’s December 2020 decision to join the Central Banks and Supervisors Network for Greening the Financial System (NFGS).