October 21, 2021

Collin Rees,

Oil Change International Response to Financial Stability Oversight Council Report on Climate-Related Financial Risk 

WASHINGTON, DC — Today, the United States Financial Stability Oversight Council (FSOC), chaired by U.S. Treasury Secretary Janet Yellen, approved a report on climate-related financial risk. The report is the result of U.S. President Joe Biden’s Executive Order on Climate Related Financial Risk, issued in May 2021, and is expected to form the outline for climate financial regulatory action in the coming months

In response to the report release, Collin Rees, U.S. Campaigns Manager at Oil Change International, released the following statement:

“This report might have been welcomed if it had been included as a memo five months ago accompanying President Biden’s executive order — but as the result of several months’ work, it is deeply disappointing.

“FSOC’s inability to move beyond basic recognition of climate-related financial risk and refusal to recommend tangible actions to effectively mitigate that risk is woefully insufficient to meet the moment.

“Fossil fuels are the primary driver of climate change, and financial institutions are funding trillions in fossil fuel projects each year. Arriving at COP26 with a climate risk plan that doesn’t adequately address this reality means the Biden Administration risks forfeiting its chance at climate leadership.”