Full Title: Unsafe At Any Charge: Why Financial Regulators Should Actively Mitigate Climate-Related Risk
Author(s): David Arkush
Publisher(s): Roosevelt Institute
Publication Date: May 26, 2021
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Description (excerpt):
Avoiding climate disaster demands an economic transformation unprecedented in speed and scope toward a near-zero emissions economy—a transition that inherently threatens to disrupt financial stability in the absence of timely and effective oversight by financial regulators. Thus far, financial regulators have not taken seriously their role in protecting the financial system from the imminent threat of climate change by guiding the disinvestment in fossil fuel assets that will soon be defunct. Their inaction has been the result of a mischaracterization of climate threats as “risks” to be minimized, rather than as unavoidable harms.
In Unsafe at Any Charge: Why Financial Regulators Should Actively Mitigate Climate-Related Risk, David Arkush argues that without assertive regulatory intervention, financial institutions and the financial system face near certain harms from climate change—rather than just “risks”—the scale and urgency of which are understated in the financial regulatory literature.