‘Substantial amount of work yet to be done’: Major report calls on SEC, banks and insurers for robust climate-risk disclosure

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The gatekeepers of financial markets should embrace smarter climate-change technology, uniform and accessible risk data, and consider a call for taxes or emissions-cutting incentives, all as part of a broad portfolio of actions to better measure and protect against climate change, a major oversight group said in its first report of this kind out Thursday.

Ignoring a multistep approach on climate change is ignoring this “emerging threat to the financial stability of the United States,” the Financial Stability Oversight Council (FSOC) said in its report, which summed up known risks and progress to date, movement that had accelerated in just the past year. The council then recommended next steps.

“While progress has been made, there is a substantial amount of work yet to be done,” the report said.

Increased climate-change data, not less, will improve financial market performance and cut down on mispriced assets…

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