CFTC – “The Commodity Futures Trading Commission’s Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee (MRAC) today released a report entitled Managing Climate Risk in the U.S. Financial System.  The Climate Subcommittee voted unanimously 34-0 to adopt the report. CFTC Commissioner Rostin Behnam, sponsor of the MRAC, noted: “Today would not be possible without the dedication and devotion of the Climate Subcommittee members. They spent tireless hours drafting an incredibly thorough report that has far exceeded expectations. I want to personally thank them for their work on this groundbreaking effort during unprecedented times….Managing Climate Risk in the U.S. Financial System is the first of-its-kind effort from a U.S. government entity. Commissioner Behnam initiated this effort to examine climate-related impacts on the financial system in June 2019 when the MRAC convened to examine climate change-related financial risks. At that meeting, Behnam pointed to the critical importance of undertaking this effort, highlighting ongoing work by private market participants and government entities across the globe, including more than 40 central banks and supervisors like the European Central Bank, the World Bank, and the People’s Bank of China…”