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Q With this latest move at the SEC, it didn't come out of nowhere. It builds on years of work around this issue. Where does this story around climate disclosure start in your mind?
A This is absolutely not coming out of nowhere. I mean, it began two decades ago. So we had the Carbon Disclosure Project that was one of the first, um, initiatives on disclosure related to climate change, and ever since then it's kind of, it's been, you know, every year we get, we get any number of, of new initiatives trying to tackle this problem. The Task Force on Climate Related Disclosures, Financial Disclosures, which we call TCFD, Uh, TCFD was started in 2015. It was an initiative that was led by Mark Carney, who was the former governor of the central bank, um, of, of England. Michael Bloomberg. It's basically, uh, it was a lot of financial industry leaders and also kind of global leaders in, in financial regulation to create standards for climate disclosures by banks, investors, asset managers, and insurers. So TCFD was, was a very important moment in the rollout of many other initiatives, and it is now kind of the baseline. So We now have a broad movement around what it's going to take to transition the markets away from carbon intensive industries, um, and the regulations that will, that will be required. So it's been a long time coming. Many countries have been supportive of these efforts. So, um, we've had new regulations crop up in many major financial markets, including the UK, the EU, and Japan are some of the most important, um, that have Really come to the table …
AI assessment note: “it began two decades ago. So we had the Carbon Disclosure Project”
Answered produced feed
D 5 · C 5 · P 5 · Cm 4 4.85
Q When President Biden takes office, he indicates that disclosure is going to be an important part of his climate agenda, a broad base focused on the financial sector. And he issues an executive order in May that was fairly sweeping and indicated a pretty expansive approach to addressing climate change in financial markets. What was that executive order?
A So in May, 20, 21, the Biden administration specifically put out an executive order on climate related financial risk. So this was after the announcement of the prioritization of climate change for this administration and this whole of government approach to addressing climate change. We could have imagined that financial regulators would have, would play their part in that whole of government approach. But the Biden administration did not leave that to chance. They announced this executive order that was specifically on addressing climate-related financial risk through regulation. And very importantly, in that executive order, Biden named this as a task for the Financial Stability Oversight Council. And this is a table of all the financial regulators and This body was actually created after the 2008 financial crisis with the mandate to identify and mitigate future systemic risks that could potentially destabilize the financial system. So basically, basically making sure that 2008 never happens again. This is a, this is important, and it's important that this was specifically mandated for the Financial Stability Oversight Council, because it sets the issue within the framework of systemic financial risk. So this table is led by Janet Yellen, and all the financial regulators with this mandate are now tackling this issue as a body and at each individual agency. So we have this mo…
AI assessment note: “the Biden administration specifically put out an executive order on climate related financial risk.”
