BOSTON —The Federal Reserve has made a number of climate-related announcements in recent months, joining the Network for Greening the Financial System in December and then establishing a new Supervision Climate Committee in February. Yet while these are important first steps, the Fed should do more to address climate change, which in turn can help it meet its mandate.
The Fed has already gone well beyond manipulating the overnight bank lending rate and waded deep into unconventional waters, such as when it started buying assets in response to the COVID-19 pandemic. It says it does not want to pick winners and losers, but it already does: anyone holding assets that the central bank buys ends up a winner.
Targeted lending There is already a precedent for such targeted lending. After the global financial crisis, the Bank of England launched its Funding for Lending Scheme to encourage real-estate investment, and then redeployed this mechanism for targeted lending to small and medium-size enterprises during the pandemic.
Rachel Koning Beals: Kerry says Biden poised to issue executive order to force banks and investors to reveal climate exposure On autos, the Fed could follow the standards set by the voluntary emissions agreement between the California Air Resources Board and five large auto makers , which requires 3.7% annual reductions in GHG emissions from new passenger cars.
BanPACs Energy Independence = National Security. If Congress was patriotic & not bought & paid for by big oil USA would have done this after 1978 oil embargo!
Not their fucking job.
Yep. Go green, Fed! Let all aspects of life revolve around “green” and “systemic Racism “
this is terrible news
Nobody cares!
Did someone say tools?
thanks