Politico reports:
The nation’s top financial regulators will soon embark on a controversial, first-of-its-kind mission: forcing banks and other industry players to prepare for potential threats to the U.S. financial system from climate change.
There's more:
Among other moves, regulators are likely to press banks to prepare for the fallout from a warming planet by stepping up scrutiny of fossil fuel financing. They will make the lenders undergo regular tests to measure how their investments could be threatened by flooding, wildfires and other growing risks. And they could rewrite the rules against the discriminatory practice known as redlining to push lenders to put money into disadvantaged communities most vulnerable to climate change.
Political lending here will lead to higher energy prices.
