Four Twenty Seven

’Where we see that banks are not managing their exposures to climate-related risks in an adequate manner, we can and will draw on the full supervisory toolkit at our disposal to correct that situation,’ says Frank Elderson, ECB board member. The Bank is incorporating climate risk into its review of banks' financial reserves: http://ow.ly/XgsH50EC6Qb

At Biden's Climate Summit "dozens of government heads from across the globe promised aggressive action on climate change, from commitments to slash emissions to promises to help developing countries finance their domestic energy transition." TIME provides a recap of the key commitments and road ahead after last week's summit: http://ow.ly/Hkhb50Ey3Yj

Yesterday the EU published the climate change portion of its Sustainable Finance Taxonomy, which investors will need to report against when it goes into effect next year. This portion of the taxonomy helps identify activities that contribute to climate adaptation and mitigation to drive the transition to a resilient, low-carbon economy: http://ow.ly/Xlf850Evp6w

"One of the financial sector’s most essential functions is the distribution of riskensuring that it falls across investors and institutions well placed to manage it. Climate change introduces new and increasing types of risk." US Treasury Secretary Janet Yellen explained the Treasury's "whole-of-economy" approach to addressing climate change, during the IIF Summit today: http://ow.ly/FfER50EuDlv

Greenland ice has experienced five record-breaking melt events since the year 2000 aloneIt's a big concern for the future of the Greenland ice sheet, and for its contributions to global sea-level rise. New research suggests that rapid warming in the arctic changes properties of ice sheets and can accelerate global sea level rise. http://ow.ly/BCvT50Eupzo

"as climate change accelerates, many electric grids will face extreme weather events that go far beyond the historical conditions those systems were designed for, putting them at risk of catastrophic failure." Research shows that even this week's frigid weather in the US may be driven by the warming Arctic and weakening the jet stream, underscoring the need for resilience investment: http://ow.ly/ydsZ50DCTg0

What are the key #ESG and sustainable finance trends in 2021? Join Moody's Investors Service for a webinar next Thurs. Feb 18th providing insight and analysis on the themes to watch this year. Register for free: http://ow.ly/9Cbb50Dz9ti

"Moving forward, the New York DFS said the state banks and credit unions that are subject to the CRA [Community Reinvestment Act] may receive a credit boost to that score when they provide lending that not only supports cash-strapped residents, but also combats rising temperatures. Those projects might do so via driving emissions reductions, enhancing climate resilience, promoting adaptation or a mixture of the three." http://ow.ly/6Vsj50DwUsw

The European Central Bank & 19 Eurosystem banks commit to releasing TCFD-aligned climate risk disclosures for their investment portfolios within the next two years: http://ow.ly/EKnm50DsCEv #climaterisk #TCFD

IFRS Foundation announces plans to develop a proposal for global sustainability & climate risk disclosure rules for corporations by September: http://ow.ly/89AV50DqFI4 #TCFD #climaterisk