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9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting
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MANAGING CLIMATE RISK IN THE U.S. FINANCIAL SYSTEM Report of the Climate-Related Market Risk Subcommittee, Market Risk Advisory Committee of the U.S. Commodity Futures Trading Commission Commissioner Rostin Behnam, Sponsor Bob Litterman, Chairman To view individual subcommittee members concurring statements, if any, please see cftc.gov. Library of Congress Control Number: 2020915930 ISBN: 978-0-578-74841-2 This report is approved by the Subcommittee on Climate-Related Market Risk of the Market R

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securities can use disclosure data on the carbon change while this report sectors and across asset insurance and other government office of the insurance impacts and the transition standards as the board data such as scope

Sources: IHS Markit

Pathway Demo and Download Data

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This section lists the Pathway type, Priority/ function areas, Sectors/ fields of life and People/ roles for the pathway.
Type:   Industry Standards
Priority/ Function Areas:   Business & Industrial
Sectors/ Fields of Life:   Economy-wide
People/ Roles:   Manufacturers  Organizations  Multi-Nationals  Public Companies  Private Corporations
This section lists the Categories, Goals, Measures and Actions included in the pathway.
Categories:   carbon   clearing   climate   could   regulator   mortgage   security   market   manager   transition   relate   company   assets   banks   owner   loan   system   state   global   emission   physical   management   include   insurance   risk   change   asset   financial
Profiles:   the clients   the counterparty   which output   the involvement   this guidance   the survey   the quality   this pathways   the company   this category   this regulators   a concern   its reinsurers   its ability   this technologies   hong breakthroughs   a system   all agencies   a goal   ngf banks   we models   the function   the adaptation   this functions   the situation   this interactions   this frameworks   the pandemic   the future   the magnitudes   the loans   the tcfd   the council   the analyses   an markets   the supply   the objective   this impacts   the litigation   the magnitude   a test   it members   the disclosures   the case   a adoption   its models   this parallel   the power   both risks   physical risks   the country   it failure   a scenario   which adaptation   the risks   the cost   the data   esg scores   bank firms   its failure   the world   a activity   commission merchants   the extent   the economy   the views   the rest   this institutions   the suitability   a variety   the capacity   the urgency   an municipalities   this effects   a portfolio   it goals   this program   it emissions   what extent   no country   a range   the lack   this factors   the benefits   a company   the sector   i background   the adequacy   another example   a shock   it executives   a question   its severity   each ton   an scientists   the policy   u regulators   it soundness   the anisms   a survey   a manager   an institutions   a loss   the potential   an adopters   any approach   an measures   the answer   a version   the nfip   a process   an scholars   another study   this demand   the understanding   a interest   a look   ccar goal   we recommendations   that gaps   a example   the exercise   cftc capabilities   al siders   this models   a finding   the prices   this uncertainty   the methods   the assessment   a challenge   the limits   no standardization   the consequences   the portion   the ccar   the distribution   the flood   this variables   reserve responsibilities   a revision   its ratings   a law   neither change   the report   the guarantee   the failure   no regulator   a world   this assets   the commissioner   whose investment   the factors   the danger   the uncertainty   no definition   the sdo   the impact   i job   the society   an jurisdictions   the shares   a decline   the initiative   the willingness   we understanding   the nature   hi company   this mechanisms   a transition   we decisions   the novelty   this principles   the authority   the principles   the act   the bankruptcy   the system   the consensus   this damages   the price   the fsb   this events   et constraints   a driver   rosa insurance   the gses   whose production   a ecosystem   whose decisions   this declines   that properties   the institution   all frameworks   this flaw   the owner   the firm   the program   the measurement   all emissions   cftc regulations   reserve stress   the marketvalue   the department   the weighting   the virus   a update   this hazard   an locations   a quarter   this feature   the section   a portion   this generation   a member   otc derivatives   the appreciation   the step   the statement   the result   that impacts   this investors   the guidance   xv list   bi banks   the assets   a price   the nasem   this reality   this concepts   the chapter   the taxonomy   the losses   an assessments   the public   a shocks   attavanich participants   the value   the force   this innovations   pri domains   which regions   the bank   the research   a combination   the chapters   the impacts   that standards   the obstacle   the boards   the regulator   this chapters   another vulnerability   u economy   an dcos   the effectiveness   the barriers   the tests   this disclosures   a beneficiary   this efforts   what combination   both change   the types   the calculation   the protocol   u issuance   the process   a consider   haduong participants   this chapter   i focus   this report   a flaw   the dealer   the risk   the board   the duty   this services   the challenge   the science   each degreecelsius   institute research   the market   the responses   the degree   the mission   a body   the shock   the transitions   a product   a pathway   we country   the reserve   a disaster   the message   the regime   u institutions   a regulators   this initiatives   the centrality   no discussion   a set   this effort   the pace   the nonlinearities   the burden   the disruptions   u markets   such approach   the benchmark   msp participants   a insurer   the community   the entities   a study   the goal   the fact   the sectors   the banks   the definitions   the purpose   a investor   the markets   a institution   the functioning   the group   the structure   the limitations   the damage   this risks   a bank   we economy   the fund   the oversee   the climate   a function   i grandchildren   this authorities   all requirements
Goals:   use comparable chapter   judge environmental attributes   centralize energy authorities   mortgagebacked purchases debt   provide point recommendation   reflect financed emissions   play crucial role   study financial risks   expand management rules   incorporate risk analyses   view subcommittee members   complement risk management   include riskbased requirements   mismanage critical question   continue activities operations   provide invest foundation   affect financial system   improve health practices   review rules extent   summarize key concepts   answer annual survey   happen burned regions   offer widest range   illustrate complex connections   face physical risk   reduce service ability   provide products services   use management practices   hold continue capital   face insurance companies   create burdens recommendation   use including approaches   shift investment portfolios   constitute largest share   support treatment distribution   reflect physical risks   publish adaptation iso   support financial system   swap participants dealers   need managing risk   include legal risks   gather relevant data   affect systemic risks   enable consistency transparency   use estimate models   offer adapt opportunity   protect serve ability   review laws regulations   affect financial products   designate clearing activities   evaluate financial exposure   include income communities   advance production storage   discuss risk management   take heavier toll   establish group teg   affect carbon technologies   leave balance sheets   supply physical commodity   leverage financial regulators   impact commercial agriculture   adopt tion guidance   address climate impacts   stress monitoring experimentation   take significant steps   monitor services marketplace   trigger abrupt downturn   hit highest level   protect tax base   include monitor recommendation   rise weather events   lend direct investing   use climate data   sustain fundamental conditions   require different set   face associated challenges   consider physical risk   develop tools data   pose emerging risks   support avail ability   grow calculated analysis   cover representing insurers   manage key challenge   require financial firms   disclose including risks   give good sense   owe allow extent   repay risk analysis   include wide range   weaken fiscal condition   take closer look   cause disorderly adjustment   achieve global participation   provide cooling centers   address chapter authorities   impose economic costs   define risk categories   affect climaterelated risks   explore important questions   impact financial economy   experience wettest months   conduct risk tests   thank committee mrac   make risk disclosures   avoid catastrophic impacts   provide additional discussion   manage legal risks   guide capital investments   prepare filed documents   coincide extreme events   provide derivative products   perform important functions   reit bonds bonds   reduce coal consumption   purchase rental properties   disclose trends events   greening system ngfs   provide scenarios assumptions   manage financial risks   analyze existing risks   impact values investment   degrade food contamination   predict scenario analysis   adjust business models   disclose emissions scope   include marginal cost   identify large number   move inevitable response   test holding companies   support wide variety   inform market regulators   suffer yearly losses   impair service ability   constitute larger share   generate tax revenue   asses potential exposure   capture trends insurers   face change policy   advance banks goal   substan economic activity   present complex set   fund related payouts   asses material risks   understand various modes   subsidize insurance premiums   impair productive capacity   maintain orderly firms   shift environmental parameters   recognize market transitions   manage other risks   achieve reasonable probability   include working recommendation   experience unprecedented events   create large liability   increase sustainable investments   threaten economic viability   represent largest market   accelerate involved exchange   trigger fire sales   conduct stress test   develop time horizons   ensure coordinated response   address financial risks   strain quality capacity   memorialize best practices   require risk strategy   undertake risk analysis   manage risks scenarios   leave flood market   select closer look   limit invest capacity   accelerate transition plans   meet investment goals   create office fio   identify indicators parameters   cover supervisory colleges   compare disclosure information   align various programs   undermine financial health   inform including decisions   require become degree   meet asset owners   ice fires subsidence   meet individual goals   greening financial system   leverage technologies recommendation   identify material metrics   uscrt climate toolkit   meet growing interest   tackle following recommendations   support financial goals   stabilize world s   launch finance network   ensure stress testing   define setting categories   impact communities lmi   incentivize fair reduction   lack resilience sustainability   enable firms regulators   subsidize promotes those   evaluate assessment processes   size risk appetite   execute climate framework   highlight lending exposure   create economic incentive   inform financial products   maintain effective program   understand own exposure   facilitate provide analysis   initiate critical process   cover disaster relief   incorporate risk analysis   perform key functions   give arise incentives   sustain designed claims   asses liquidity position   focus chapter risks   impact participants markets   settle securities commodities   move agree goal   include pricing statement   support domestic investment   achieve stated level   impact agricultural economy   undermine domestic capacity   create underweights portfolio   construct portfolios owners   govern related operations   oversee operational resilience   develop climate datasets   promulgate consensus report   focus risk management   include governance arrangements   threaten entire system   tackle participates challenge   face heat stress   provide enables information   use raised funds   impact broad crosssection   approve capital plans   establish clear framework   absorb financial impacts   usgcrp program value   facilitate efficient allocation   disinv assets companies   note interrelated challenges   increase availability list   expand government programs   conduct scenario analysis   identify managing risk   dictate wide variation   buy debt mortgagebacked   serve communities research   publish regarding guidance   manage orderly transition   look covered analysis   pick losers winners   result household wealth   develop comparable data   add policy risk   grind understand ability   lack efficient mechanism   support economy understanding   create mismanage incentive   regulate includes markets   highlight represents extent   demand aligned premiums   recognize measure need   represent broadest system   embrace manage need   change global threat   produce defined shocks   exclude exit coverage   disclose physical risks   establish finance labs   rise estimated analysis   creditproviding commercial banks   cover other sectors   facilitate risk assessment   drive appropriate allocation   research including risk   skill key step   damage economic base   change root cause   involve implementing planning   provide help insights   devise value ways   elevate chapter implications   represent own category   disclose commodities markets   recover related expenses   embed risk monitoring   cover time horizons   expand including efforts   derive more percent   represent policy risk   link subnational entities   flood managing risk   select asset managers   recognize required path   play key role   use asset managers   head quantitative group   incorporate financial risks   define supporting terms   reflect sudden revision   establish system ets   address created risks   foster risk awareness   stabilize expensive process   include liquidity risks   understand shaping parameters   identify address monitor   cover unique challenge   support defining firms   advance broader transition   impair repay ability   recommendation financial regulators   address including risks   affect real economy   shape investment analysis   compare companies assets   play important role   address market risk   feed global population   develop consistent data   include regulated thousands   frame climate practices   encourage may factor   provide flood insurance   include company participants   stabilize overall system   absorb impact losses   undermine economic welfare   evaluate discussed risk   incorporate credit risks   guarantee default risk   destroy stock certificates   perform planetary experiment   set green goals   climate regulatory sandboxes   set risk appetite   measure risk monitoring   deliver services products   represent economic costs   change greatest failure   reflect investment processes   reflect true cost   impact tax concerns   adjust underwriting exposures   shape sustainable economy   catalyze climaterelated investment   involve participants regulators   affect bond market   apply other techniques   adopt detailed set   require incentivize frameworks   escalate systemic crisis   generate riskadjusted returns   compound economic shocks   highlight recommend some   use extreme expression   include futures contracts   manage focuses uncertainties   give modify opportunities   require limited data   magnify disruptive effect   address financial crisis   announce buy intention   reit steel energy   negotiate nations convention   lack guide continuity   enable risk management   cushion shielded losses   require holistic view   make such determinations   govern suitable approaches   govern stress tests   prescribe governing standards   pay appropriate premium   include diverse range   advance effective measurement   undermine generate ability   comprise wide variety   present significant challenge   see total loss   enable participants regulators   make written reports   fulfill identified roles   include ensure institutions   hit agricultural banks   compound climate risks   demand largescale transition   address outlined risks   maintain reasonable standard   impose higher price   combat financial impacts   enjoy supervise authority   identify threats risks   identify mitigate adjustments   have significant impact   lead spent effort   develop pragmatic platform   develop ongoing capacity   face physical risks   organize allocations claims   ccar capital analysis   include heat exposure   create passive products   utilize prepared disclosures   disclose risk data   include own scope   report odologies formats   provide lowcost way   disclose take extent   regulate companies banks   strengthen capabilities expertise   achieve desired level   conduct own tests   create firm capital   exit state market   conven civic holders   require public disclosures   yield additional benefits   increase identify efforts   develop robust capacity   institute management processes   provide finance loans   reduce coal production   penalize investing companies   increase reduction target   forwardlooking incorporate processes   correct missing price   inform management processes   quantify calls risks   understand risk profile   meet temperature target   limit similar challenges   communicate commonsense understanding   greening developed ngfs   set legal settlement   limit treat capacity   build adapt capacity   limit capital requirements   leave government budgets   force supplying parties   provide financial regulators   reduce climate analysis   face more percent   expand increasing adoption   face capital costs   face legal liability   examine threaten issues   indicate withdraw intention   grant broad powers   examine risk management   highlight regional nature   hurt thanks access   manage risk ouazad   report limited information   include price adjustments   cover power sector   manage climate risk   demonstrate strong trackrecord   think organizations tanks   require wide variety   measure potential effects   affect supply chains   anticipate rushed outflows   review existing authorities   pick convey representative   sustain economy change   enhance scenario analysis   impose equal tax   frame parameters assumptions   cover including risks   provide disclosing recommended   prescribe consistent set   develop consistent way   establish enforceable limit   strengthen risk management   understand fundamental principles   develop organizational resilience   strengthen monitor analyze   reit equities debt   undertake stress tests   provide single standard   improve reporting frameworks   maintain domestic infrastructure   bear economic burdens   submit annual report   contract union system   degrade operational reliability   balance demand supply   hold relative capital   mitigate future declines   manage climate risks   manage including risks   measure regional exposure   provide management products   manage risk data   governmentsponsored estate investment   expand own testing   issue affirming statements   transfer meaningful portion   offset regional losses   find relevant sources   reduce amplify burdens   affect economic hubs   maintain relative stability   provide necessary clarity   join convened groups   identify gaps issues   service including debts   maintain climate change   provide take actions   hold risk assets   support source platforms   advance economic resilience   develop derivatives contracts   provide crop insurance   share best practices   build necessary capacity   pose major risk   jeopardize meet ability   climate physical risks   increase year percent   communicate positive impact   analyze climaterelated futures   cover operational continuity   face liability insurance   trigger disorderly adjustment   achieve coordinated reductions   affect including participants   manage risks recommendation   burden income lmi   accelerator competitions grants   trigger investor perceptions   clear traded contracts   measure bond holdings   see approaching declines   adopt stress approaches   consider including risk   build utilize capacity   designate clearing organizations   require capital investments   require due diligence   divert amplifying resources   study potential impacts   undertake provides task   translate chapter implications   experience deadliest season   quantify climate risk   trigger disorderly repricing   require related data   support attributable changes   disclose risks recommendation   expand risk data   present material risk   disclose climaterelated information   manage including risk
Measures:   annual rates   collateral costs   norwegian government   asset managers   lose wages   various modes   risk committees   grow shocks   contingent requirements   individual decisions   exist frameworks   prescribe methodology   monitor experimentation   climaterelated recommendation   important questions   appropriate incentives   disclosure frameworks   many dimensions   analytic methodologies   agricultural commodity   industrial space   source platforms   internal controls   liquidity requirements   wide range   reduction target   governance arrangements   collaborative solutions   investment products   natural systems   climate framework   climaterelated opportunities   stress tests   otc derivatives   significant vulnerabilities   available information   various levels   exist vulnerabilities   relevant lessons   list companies   appropriate horizons   increase uncertainty   unprecedented events   public investment   private sectors   broad authorities   key hubs   remote sensing   come decades   useful tool   mean increase   individual investors   broad implications   forwardlooking information   specific sectors   superior technologies   entire effectiveness   capability expertise   certain temperature   longterm program   report frameworks   new products   firm risk   continue ability   different units   individual members   great probability   such techniques   reasonable standard   sudden shifts   climaterelated factors   risky areas   american households   medium term   dynamic efficiency   disorderly adjustments   federal lawmakers   strand capital   long history   regional nature   necessary skills   financial market   full members   climaterelated vulnerability   assetbased shocks   cumulative terms   broad authority   central banks   deep respect   emerge evidence   international forums   real world   secondlargest emitter   composite measure   multiple sectors   annual gdp   government fund   financial portfolios   coordinate response   commercial property   great disclosure   policy debates   high risk   negligent mismanagement   certain participants   chemical energy   risk analysis   environmental system   thematic managers   annual emissions   economic advisers   full awareness   liquidity risks   longterm return   american consumers   risk gundlach   new extremes   more centers   financial regulation   social distancing   information sharing   public policies   good information   suitable approaches   analysis support   central counterparties   regulatory approaches   dominant cause   responsible representative   consistent way   sound insurance   longterm yields   financial prospects   project loans   estimate liabilities   increase frequency   foreign currency   large share   fiscal condition   exist change   economic hubs   mainstream investors   long horizon   pragmatic approaches   significant reductions   business decisions   great plains   informational purposes   new forms   same extent   unique characteristics   executive markets   different goals   whole authorities   natural capital   own sources   cftc authorities   low activity   nation convention   direct premiums   past years   corporate debt   necessary clarity   nutritious foods   establish limits   certain managers   household wealth   exist risks   transparent standard   give estimates   risk management   ets states   specific technologies   broad share   appellate litigation   resilience banks   physical resilience   usebased management   assetlevel data   unique circumstances   potential losses   various horizons   private insurance   economic inequality   residential rates   sustainability elements   ideal situation   global threat   datum inconsistencies   portfolio owners   supportive recommendations   develop organization   portfolio review   insurance program   significant steps   former chairs   operational vulnerabilities   central counterparty   annual hours   public health   renewable fuel   financial innovation   payment commodities   certain portfolios   changerelated impacts   main providers   macrofinancial variables   major disruptions   distribution storage   ongoing impacts   true cost   firmwide management   reference scenarios   policy frameworks   global portfolio   relevant sources   local governments   private insurers   use framework   useful decision   stress testing   annual filings   systemic vulnerability   scientific models   treatment distribution   rise incidence   relative stability   economic conditions   income communities   municipal ities   own category   far development   geographic exposure   collateral values   municipal funds   private organizations   preliminary assessment   expect burdens   electrical power   particular sites   cover facilities   financial objectives   financial crises   fair economywide   annual damages   derivative contracts   similar disruptions   effective program   vulnerability tion   new information   key jurisdictions   management disclosure   preindustrial levels   production system   local communities   give class   insurance companies   individual companies   new avenues   key functions   global estate   appropriate recommendation   general liability   risk profiles   market transitions   framework convention   new credits   individual assets   financial risk   heat exposure   vest authority   follow recommendations   probabilistic function   relate management   permanent consequences   current decisions   loan authorities   realtime intelligence   environmental parameters   close look   designate markets   wildfire season   future conditions   only state   significant challenge   unbounded range   institutional investors   billiondollar events   climaterelated information   affect assets   meaningful conversations   open questions   irreversible damages   global cooperation   intellectual property   major disasters   risk scenarios   general implications   relevant regulations   management frameworks   longterm support   potential claimants   private market   most investment   system ngfs   risk exposure   fall royalties   process recommendation   emerge impacts   fix income   sponsor gses   commercial agriculture   additional recommendation   emerge strategies   international organizations   balance sheets   many metrics   financial professionals   complex path   broad trends   federal court   economic resilience   american law   mislead claims   fiduciary duty   large exposures   technological risks   fossil fuels   relevant sensitivity   increase range   innovative tools   low sensitivity   different emissions   economic output   federal programs   public institutions   public society   extreme expression   asset sales   climaterelated events   transition risk   little research   external managers   significant resources   liquidity buffers   burden recommendation   grow appreciation   economic return   grow concern   new environment   temporary losses   certain coalmining   certain advantages   participant statement   carbon technologies   critical markets   detail data   high claims   major change   recent years   qualitative metrics   climate labs   food contamination   domestic capacity   economic prosperity   geographic region   electrical infrastructure   intense storms   consistent set   new risks   chronic risks   availability list   new infrastructure   effective policies   comparable data   entire system   financial goals   slowonset impacts   economic crop   underlie mortgages   industrial scale   equitable prosperity   genetic innovation   fiduciary duties   environmental justice   guide principles   probabilistic distribution   investor purchase   common definitions   specific events   large ets   primary production   emerge practices   municipal markets   global temperature   function risks   financial firms   sustainable production   government capacity   default losses   broad automobiles   available data   longterm solutions   current practices   relative vulnerabilities   tion guidance   third time   increase vulnerabilities   anticipate impacts   individual investment   crucial financing   cement energy   drive force   coastal flooding   bad case   different set   consumer preferences   relevant sectors   clear healthcare   several authorities   premature death   legal liability   significant damages   liquidity shortages   netzero transition   great demand   clean decisions   specific considerations   associate collapse   structural mitigants   worldwide pandemic   good analytics   critical providers   external organizations   extreme exposure   management divisions   agricultural banks   fiscal pressure   policy response   large liability   northern regions   broad background   annual stress   corporate leverage   potential threats   management practices   international mechanism   impair loans   respond members   sovereign bonds   technical group   minimum damage   many progress   economic agents   far work   longterm measures   public nuisance   distributional impacts   diversify models   speculative traders   return objectives   economic behavior   tious diseases   designate organizations   proprietary databases   municipal holders   central economy   itory company   public platforms   thermal companies   definitional standards   undefined period   power vehicles   attributable impact   gross gdp   taneous losses   more resources   recommend changes   ideal world   first mechanism   own books   distributional costs   good case   regulatory framework   mandate assessment   standardize framework   power sector   potential effects   human biology   american activity   economy understanding   consolidate assets   climate managers   great exposure   temporary debelle   infec diseases   define responsibilities   plastic energy   retail buildings   unavoidable risk   exist processes   financial disclosures   external resources   relevant capacity   more exposures   large exchange   national climate   early stages   executive list   operational continuity   global pandemic   possible loops   financial returns   rating section   financial analysis   significant questions   capital allocations   investor perceptions   limit information   spend power   financial institutions   undeveloped reserves   international efforts   mean temperature   ongoing capacity   sizeable goals   wide community   economic forecasting   applicable measures   high climate   reduce efficiency   strong trackrecord   temporal scales   welldefined case   recent forces   future summary   rebuild decisions   fiscal ramifications   robust ecosystem   additional barriers   iosco network   proprietary methods   underwrit management   biennial scenario   economic obsolescence   physical injuries   physical impacts   great uncertainty   provider portfolios   initial rules   relative capital   local protocols   lowtomoderate income   distant future   negative climate   small fraction   negative effects   regional market   important role   largescale transition   academic research   particular class   financial exposure   physical commodities   firm level   far advances   observe warming   mutual funds   current decade   explicit price   appropriate milestones   large banks   fundamental principles   wideranging authorities   current risk   extreme temperatures   new contracts   financial implications   inferior technologies   decisionuseful information   material effect   bond holdings   clear framework   adverse conditions   implicit guarantee   specific banks   exist standards   many facets   material risks   diverse range   significant risks   nonprofit organizations   sufficient reserves   neutral balance   var value   planetary experiment   carbon dioxide   important functions   plan processes   sector geographies   impact vulnerability   localize stress   disorderly adjustment   strategic insurance   list portfolio   supervisory remit   assetlevel analysis   first place   extreme precipitation   planetary systems   human capital   key step   financial losses   next decades   climaterelated risk   great failure   climaterelated analysis   exposure assessment   open source   public funds   economic growth   fair reduction   datum management   agricultural community   capital plans   material information   important part   multiple counterparties   social momentum   periodic disclosures   common set   loan terms   additional ton   financial upside   financial activity   soil practices   available management   future analysis   total tcfd   necessary capacity   voluntary basis   trend events   similar metrics   future impacts   develop tools   consistent data   key challenge   require levels   financial considerations   sudden spike   prudential standards   regulatory community   increase interest   particular opportunities   serious risks   diverse portfolio   fundamental markets   national autonomy   qualitative terms   major impacts   community research   responsible firms   catastrophic impacts   civic holders   exist demand   renewable portfolio   economic service   high level   uneven application   climaterelated providers   important step   industrial sectors   frequent disruptions   various instruments   nonclimaterelated risks   exist contracts   certain funds   subject entity   great discovery   financial costs   flood insurance   financial risks   clearinghouse risks   adequate disclosure   own assessments   public data   cpiadjusted figure   accessible organizations   potential disruption   same year   disclosure documents   corporate managers   designate entities   significant impact   immediate shocks   little coordination   similar costs   relevant risks   prolong disruptions   agree standard   sustainable practices   continuous experimentation   mortgage debt   global context   central commission   tip points   reliable metrics   regulator expertise   state level   government guarantee   small institutions   causal relationships   public disclosures   certain communities   public entities   economic system   serious vulnerabilities   material degradation   regional banks   public absorbers   key recommendations   organizational efforts   several categories   average yields   civil engineers   exist requirements   early stage   reliable tools   climatic system   event analysis   underlie property   existential threat   great rates   monetary policy   analytic measures   wildfire liabilities   new cities   exist regulators   climate data   many assumptions   stock prices   average rates   subnational entities   estate investment   same events   municipal analysts   financial community   current regime   policy risk   agricultural states   economic activity   good point   carbon pricing   operational risk   climaterelated risks   clean energy   own exposure   rate agencies   company projects   critical constraint   economic weight   commonsense understanding   extreme weather   enough credits   recent decades   available authorities   residential securities   labor capacity   additional risk   effective disclosures   market risk   broad transition   clear organizations   federal program   financial paper   interpretive guidance   finance goals   financial engineers   environmental risks   climaterelated strategy   asset purchases   nontraditional risks   direct emissions   global emissions   retail sectors   major banks   likely legacy   upstream emissions   physical assets   relate risks   large owners   widespread concern   regular activities   management capability   important recommendation   structural aspects   different sectors   manage risks   management decisions   global risk   risky assets   compatible ways   critical levels   fundamental conditions   economy change   major holders   financial obligations   significant benefits   large companies   appropriate integration   relevant developments   investment decisions   adequate liquidity   economic outcomes   potential damages   net balance   overthecounter derivatives   business workers   technological breakthroughs   upstream chain   different horizons   worth loans   financial marketplace   manage situations   avoid damage   disclosure requirements   green house   appropriate disclosures   future pathways   capital costs   valuable place   coal consumption   disclosure information   welldiversified banks   financial condition   infrastructure relief   responsible initiative   total amount   climaterelated measurement   vulnerable classes   american farmers   many ways   methodology tools   firstorder approximations   amaze job   global ghg   senior level   financial activities   ghg concentrations   nonfinancial economy   small firms   impact table   downside stress   initial level   potential investments   risk profile   local demand   risk monitoring   alternative chains   asset owners   national program   stress test   xix foreword   moral hazard   imperfectly risks   human health   yearly losses   law regulations   increase liability   international building   specific analysis   fiscal disclosure   climate trends   frequent weather   agricultural adaptation   many years   derivative instruments   ongoing learning   optimistic scenarios   asses monitor   irrigation practices   hold companies   positive impact   physical data   particular sectors   climate analytics   federal regulators   new services   physical infrastructure   core terms   state goals   own sheets   large futures   sustainabilitybenchmarked products   consistent objectives   fall prices   public access   excess capacity   new platforms   lowcarbon capital   datum gaps   several questions   marketbased opinion   riskrelated factors   effective management   flood property   give institution   global economies   relevant uncertainties   potential downsides   certain section   common law   physical risk   inevitable response   environmental data   geographical coverage   most risk   earthen structures   climaterelated vulnerabilities   marginalize communities   different types   ecological resilience   government budgets   climate mitigation   military scenarios   modelbased measure   supply chains   residential insurance   estate values   catastrophic events   most use   specify horizons   different groups   competitive advantages   climaterelated shocks   air conditioning   short time   general reporter   such events   general taxonomies   international cooperation   significant threats   high volatility   technological risk   important limitations   climate risks   economic shock   annual reports   total production   municipal market   key weakness   global economy   financial impacts   market failures   quantitative information   social norms   american institutions   investor concerns   intend policies   strong processes   robust data   climate analysis   measurement technologies   strategic allocations   exist laws   direct losses   longterm targets   demand employment   internal control   international coordination   substantial evidence   public support   large economy   regional losses   damage winds   multiple jurisdictions   more detail   many differences   solution regulators   underlie commodities   consistent methodologies   work groups   enough time   increase stress   managerial incentives   engage organizations   important input   open platforms   regulatory system   complex set   security commodities   nationwide sheets   positive sign   notable examples   agricultural figure   transition risks   physical commodity   sustainable lowcarbon   sustainable investments   abrupt downturn   formal bodies   follow airlines   operational settlement   complex connections   increase wildfires   several events   climate datasets   manageable length   climaterelated disclosures   les power   affect municipalities   collective wisdom   climaterelated investment   federal laws   climateattributed flooding   full list   individual agents   agricultural production   chronic impacts   good practices   flood inundation   short timeframe   municipal debt   great risk   highvalue markets   economic incentives   different regions   estate prices   associate estimates   asset companies   coastal jurisdictions   global efforts   highgrowth countries   meaningful data   sovereign fund   climaterelated subcommittee   causal chains   certain types   material risk   fiduciary adviser   low prices   particular exposure   sustainable economy   corporate disclosures   physical stress   retrospective models   capital investments   systemic management   economic utilization   effective price   societal responses   decline climate   efficient allocation   scientific integrity   unmitigated climate   high price   financial models   global phenomenon   catastrophic fire   institutional capital   nongreen assets   high companies   useful disclosures   financial regulators   renewable agency   common platforms   geographic data   large losses   future capacity   lowtomoderate communities   additional legislation   avail ability   gradual shifts   significant uncertainty   internal specialists   irreversible impacts   high intensity   financial variables   broad advancement   capital flows   mainstream finance   important fmus   past disasters   financial wherewithal   american innovation   commercial estate   financial pathways   financial management   same policies   new customers   consistent fashion   major participants   national index   considerable risk   international engagement   residential estate   lose hours   international organization   deadly season   domestic product   such impacts   collective market   capacity building   disruptive pathways   asset exposure   grow interest   vary degrees   central bankers   financial stability   emerge risks   total energy   consistent emissions   certain paths   devel opment   manufacture trades   timely decision   gradual accumulation   global population   premium volume   macroeconomic performance   legislative actions   investor outflows   usgcrp adjustment   comprehensive analysis   general public   mortgagebacked estate   affect entities   systemic risks   exist instruments   climaterelated challenges   critical services   foreign regulators   emission data   risk data   systematic process   relate standards   swap dealers   british economist   recent report   scenario analysis   nonclimaterelated vulnerabilities   precise levers   carbon taxes   regulatory sandboxes   derivative products   subject populations   legisla guidance   little consistency   sustainable transport   allege failure   more ghgs   locational considerations   full potential   regulatory relief   downstream diesel   global yields   decisionuseful variables   private capital   large fund   public sectors   public law   more crops   prudent management   important initiatives   public objectives   good practice   operational resilience   overall system   sovereign immunity   relevant confidence   small banks   correspond impact   total loans   passive products   tradable assets   longterm goals   vary group   give shock   next phase   public investments   climaterelated institutions   nonbank companies   underwrit exposure   broad section   sustainable recommendation   sustainable investment   powerful example   recent span   various shocks   crop insurance   global volume   flood risk   complex risks   various ways   finance network   additional costs   human populations   recommend actions   traditional risks   academic institutions   own scope   business farmers   overall shock   financial instruments   premature mortality   effective arrangements   chronic stress   legal risk3   significant disruption   emergent sector   expose companies   risk disclosures   insurance market   similar risks   global advancements   similar challenges   actual disclosures   financial bodies   multiple parts   able reason   social risks   climaterelated expectations   infrastructure investment   promulgate report   same time   general risks   public infrastructure   additional benefits   macroprudential stress   catastrophic floods   risk identification   alternative estimate   enormous burdens   agricultural organization   carbon capture   adequacy requirements   frequent shocks   flexible authority   likely losses   current prices   past decade   large managers   particular use   financial economy   climaterelated management   economic sectors   carbonintensive companies   climate management   agricultural market   due wildfires   specific areas   air quality   normal considerations   trade companies   effective analysis   write premiums   domestic infrastructure   enterprisewide practices   rise rates   long time   severe externalities   disruptive effect   analyze portfolios   outdoor labor   intense sectors   financial challenges   multiple decades   most housing   different classes   social implications   external entities   voluntary 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  local gdp   prudential section   physical exposure   large world   mild change   wide variety   significant liquidity   datainformed processes   international insurance   risk concentrations   strain budgets   highlevel scenarios   subject capital   great complexity   bond market   significant variations   single step   governancefocused risk   global systems   tough challenge   bottomup approaches   full utilization   central services   underlie uncertainty   different parts   operational risks   emerge practice   significant authority   evolve debate   exist function   attributable changes   appropriate section   future generations   particular chapter   full spectrum   most estate   systemic shocks   know events   mental distress   affordable credit   relate reports   analytic parameters   critical infrastructure   unsustainable base   healthy forests   experimentation learning   iterative path   online estate   analytic techniques   unmitigated unemployment   limit room   myriad 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effective measurement   european regulators   purchase heat   ccus capture   low households   press issue   several principles   attendant contraction   municipal bond   key assumptions   domestic policy   certain functions   various types   relevant indicators   exist process   small businesses   financial systems   risk tests   crucial science   climateattributed stresses   powerful reason   exchangecleared basis   sentative concentration   executive summary   potential use   entire regions   adequate manner   general agreement   major economies   certain countries   substantive changes   industrial activity   duplicative exercises   grow banks   broad system   real economy   regulatory state   climaterelated impacts   appropriate allocation   upstream risk   risk awareness   investment analysis   uncertain impacts   contract parties   liability insurance   general fiduciaries   general regulators   financial institution   current increase   practicable recommendation   climate 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fmu disruptions   temperature target   essential technologies   government programs   sudden shift   potential vulnerabilities   governmental data   future losses   certain levels   give risk   increase adoption   economic base   certain prices   physical climate   relevant data   corporate directors   marginalize populations   financial health   tax base   strong hurricanes   manage banks   representative standards   infectious water   traditional factors   complex ways   longerterm risks   far warming   international banks   risk analyses   financial assets   important institutions   innovative technologies   riskadjusted returns   climaterelated scenarios   global transition   large population   influential review   greenwashing claims   great pressure   heavy toll   certain contracts   securitized estate   sustainable forum   financial product   perceive risk   potential exposure   list firms   annual costs   critical process   sufficient authority   physical hazards   entire sectors   first half   aging change   low wages   write reports   authorize act   possible spillovers   domestic investment   grow number   sufficient progress   current dollars   fiscal policy   floodingrelated risk   material climate   stake holders   quantitative group   vulnerable populations   regulator expectations   project increases   find markets   commercial figure   qualitative uncertainties   climate monitoring   thermal enterprises   necessary data   global policy   social equity   underlie company   analytic methods   future date   extreme events   coal production   special interest   extend horizon   strand value   climaterelated losses   sufficient capital   commercial mortgages   cool centers   legal issues   various approaches   first adaptation   systemwide disruptions   financial companies   legal settlement   vehicle manufacturing   disaster events   increase risk   public sources   conventional management   environmental costs   own testing   study report   risk 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classes   underlie data   low cost   large bank   active leadership   certain products   enormous failure   consistent level   opaque risk   ongoing deficits   risk recommendation   risk framework   indirect effects   longdated loans   comparable chapter   uncertain nonlinear   far methodologies   climaterelated products   applicable risks   certain losses   span classes   domestic consumption   critical question   climaterelated data   renewable energy   various programs   material metrics   residential property   longterm insurers   billiondollar disasters   crucial role   first time   historical data   give horizon   rise levels   canadian provinces   financial esg   different entities   acute risk   exist management   credit risks   decisionuseful data   broad framework   several contexts   large providers   individual goals   capital requirements   subject reductions   mortgagebacked projects   primary occupancy   central regions   particular firms   consistent tools   major impact   unfunded obligations   increase precision   understand risks   traditional techniques   total assets   unique challenge   lowcost way   base firm   global temperatures   credit risk   entire organization   meaningful disclosure   robust capacity   wide latitude   annual report   link bonds   default risk   climatedriven migration   systemwide risk   close dialogue   relate committees   infectious disease   many uncertainties   potential futures   economic burdens   transition exposure   nonperforming loans   municipality ability   amplify shocks   complex system   financial factors   risk datasets   affect area   decline productivity   climateimpacted assets   substantial liability   quantitative risks   resilient economy   economic losses   relevant member   give mission   systemic recommendation   government efforts   firstever bankruptcy   large measure   appropriate adjustments   financial reporting   legal liabilities   weather events   forwardlooking data   choose classes   framework organizations   increase ambition   great awareness   public employees   operational impairment   regional exposure   large investors   exist authorities   municipal revenue   protocol measures   different use   agricultural loans   assessment processes   particular regions   climate tests   supervisory practices   high taxes   appropriate oversight   single year   underlie climate   les infrastructure   social cost   natural disasters   expose assets   enough attention   major risk   expensive process   operational liability   devastate floods   gross product   atmospheric administration   concur statements   economic costs   major companies   unhelpful guides   pension fund   physical risks   sustainable group   total losses   global model   measurement divergences   direct risks   financial research   sustainable activities   financial crisis   cial sector   decline access   such determinations   highlevel review   intergovernmental panel   many governments   broad transitions   geographic location   most cases   climatefriendly products   bad outcomes   agricultural technologies   scarce resource   supervisory colleges   primary jurisdiction   large economies   fiscal burdens   national response   broad disclosures   independent counsel   committee mrac   nonus companies   multiple classes   such cases   local markets   subcommittee members   market participants   broad powers   economic actors   complex chains   crucial protection   speedy transition   future investments   several cases   riskbased requirements   wrong direction   financial sector   capital analysis   riskinformed allocation   water infrastructure   key concepts   climaterelated futures   relevant horizons   global investor   oil companies   large payouts   strategic allocation   clear tation   scientific stakeholders   appropriate level   useful insights   current failures   equal tax   clean water   total impacts   sustainable products   proprietary efforts   public filings   deep uncertainties   exist owners   key role   predict changes   rental properties   organizational resilience   climaterelated hazards   determine appetite   multiple underwriters   management processes   international groups   economic viability   damage impacts   financial burdens   particular case   employment income   smooth functioning   renewable generation   broad crosssection   organizational structure   require path   separate boxes   financial transactions   global framework   electric utilities   key consideration   exchangetraded fund   many institutions   important source   financial capabilities   mount stress   depress activity   manage risk   evidentiary application   complex forecasting   commercial banks   large funds   product services   incipient risks   multijurisdictional recommendation   fair firms   good returns   private sector   key participants   regulatory risk   prolong drought   coordinate recommendation   local industries   carbon emissions   additional risks   nongovernmental organizations   sustainable finance   great deal   mortgagebacked mortgages   proprietary data   root cause   integrate reporting   concern plans   potential channels   nationwide consequences   relate industries   coordinate reductions   operational reliability   considerable complexities   indirect emissions   longterm research   marginal cost   future risks   orderly transition   credit losses   increase assets   intensive managers   adaptive processes   cascade effects   plausible events   stringent standards   slow motion   federal recommendation   long structures   ecological systems   rapid changes   key inputs   high measures   novel capabilities   standardize systems   climaterelated frameworks   additional discussion   underlie portfolio   single standard   alreadystressed sheets   initiative rggi   certain cases   great transparency   disorderly repricing   viable strategy   investment portfolios   economic contraction   financial products   large floodinsurance   several sectors   municipal bonds   sudden events   open access   broad participation   private innovation   economic stimulus   global participation   management standards   international counterparts   qualitative factors   market firms   moderate damages   climate list   exist law   broad transformations   various coalitions   adequate information   finance loans   major events   high levels   different datasets   ambitious policy   institutional readiness   financial innovations   effective pricing   uncertain liability   apply markets   certain threshold   many borrowers   total emissions   societal behaviors   relevant chapters   longterm owners   barge traffic   important implications   sudden crisis   specific concentrations   many cases   official definitions   ga emissions   service marketplace   high costs   carbonintensive sectors   broad ambitions   certain size   enforceable limit   new findings   large number   available climate   expect impacts   federal agencies   global monitor   good sense   international experience   creditproviding institutions   future recommendation   union system   stress markets   legislative interest   large purchases   trade corporations   management rules   reduce wealth   federal policies   important investors   holistic view   nonbank institutions   reinforce objectives   economic perspective   business models   stress sheets   major states   short term   current index   productive capacity   statistical measure   imminent action   international settlements   time horizons   deplete wealth   large region   correspond costs   interconnectedness mix   insurance premiums   complex issues   effectiveness uncertainty   risky mortgages   particular kinds   primary data   quarterly reports   great promise   economic implications   local taxes   specific impacts   federal level   frequent opportunities   several decades   structural change   consensus report   average temperatures   global membership   market regulators   catastrophic points   advance projects   central bank   miss price   federal legislation   cash flows   great assessment   emission reductions   early engineers   great intensity   netzero storage   extensive damage   future scenarios   new policies   relative humidity   steel energy
Actions:   identify threats   sign risk   face costs   designate insurer   reflect emissions   inform regulators   hold most   enable stakeholders   provide insights   make scope   shape awareness   estimate data   examine challenge   make reports   categorize risks   understand modes   support demand   equate risk   deliver capital   focus risks   leave market   address concerns   incur volatility   invest roles   support availability   measure exposure   face exposure   climate risk   leave budgets   own assets   purchase properties   provide variety   provide discussion   hold half   adjust exposures   align approaches   face liability   strain capacity   address impacts   escalate losses   meet owners   disrupt ones   consider risks   provide products   mitigate declines   cover losses   communicate understanding   facilitate analysis   require that   reduce exposure   give incentives   underweights excludes   shift allocation   create recommendation   maintain epa   pose threat   change threat   provide centers   report formats   examine issues   accelerate transition   fulfill mandate   include impacts   safeguard infrastructure   quantify risk   report findings   move goal   represent wisdom   conduct purchases   facilitate transition   tackle risk   depend availability   promote risktaking   create that   facilitate allocation   achieve goal   impact financing   predict future   affect activity   validate cleaning   take case   create liability   guide management   impact markets   manage managers   compromise yields   move us   increase perceptions   hedge risks   reduce access   facilitate solutions   reduce ability   force banks   provide recommendations   capture percent   create 84   connect change   define categories   identify ways   touch ur   promote cooperation   climaterelated support   amplify inequality   provide oversight   pose risk   provide set   degrade contamination   cover colleges   align goals   set poses   declare support   link fund   change bank   encourage companies   cross uncertainty   serve research   include review   manage leaders   improve quality   add barriers   affect people   limit challenges   leverage capital   govern principles   affect performance   affect markets   put contours   face questions   represent fraction   trade returns   advance regulators   present set   force parties   face pressure   impact sectors   leave goldman   lead some   create barriers   cause shortages   accomplish task   manage one   focus types   change probability   cost what   forwardlooking processes   empower cftc   affect supply   guarantee risk   illustrate connections   undermine tiveness   confirm appropriateness   create instability   undermine welfare   amplify vulnerability   implement strategies   research risk   support investment   implement act   require range   undermine ability   cause adjustment   conduct tests   provide actions   support transition   use managers   report information   deliver products   support identification   examine management   bail institutions   advance mitigation   wideranging frameworks   recover restore   build infrastructure   find plenty   strengthen analyze   regulate banks   manage rulemaking   use funds   exceed 180000   exacerbate risks   identify loans   disclose scope   highlight range   greening system   constitute recommendation   coordinate operations   cover derivatives   require liquidity   publish guidance   cause disruptions   reduce analysis   answer survey   focus management   include communities   standardize data   disclose data   use models   launch network   happen regions   support activity   usgcrp value   passthrough costs   prescribe rules   underwrite mortgages   develop system   manage risk   destabilize losses   study establishment   draw lessons   meet analysis   reit companies   exacerbate risk   motivate owners   securitize ouazad   evolve preferences   gain traction   cover challenge   dictate variation   reflect cost   apply categories   play role   address threat   increase demand   link entities   report investments   undertake analysis   require set   utilize authorities   cause stress   recognize path   use approaches   use factors   map risks   emerge much   require capabilities   pump risks   support principles   inform decisionmaking   merit attention   provide transparency   include contracts   put pressure   attract capital   set goals   pass mortgages   announce intention   remove risk   face risks   buy mortgagebacked   maintain levels   provide foundation   guide process   bear burdens   clear contracts   affect economy   promulgate report   demand premiums   study risks   make determination   face policy   increase list   sustain claims   echo statement   embed monitoring   cause divergences   accelerate resilience   ccar analysis   affect market   include requirements   apply set   summarize concepts   challenge element   stabilize system   discuss developments   address some   change keenan   treat patients   impact lmi   price risk   protect investors   look analysis   pose risks   understand principles   share practices   impact economy   undermine capacity   finance emissions   operate building   develop capacity   manage climate   pull gases   enable institutions   support goals   require adviser   organize claims   identify vulnerabilities   regulate authority   serve income   establish price   climaterelated variables   require focus   adopt guidance   announce plans   leverage recommendation   compound risks   develop strategy   undertake tests   incorporate consideration   motivate agents   penalize companies   secure data   include engagement   drive demand   use influence   cite principles   support development   meet expectations   clarify regulations   govern approaches   test companies   mitigate exposure   undertake research   pay gallagher   insure assets   evaluate processes   provide way   hurt access   substan activity   adapt businesses   drive allocation   settle commodities   subsidize those   increase issler   put ghgs   use disclosure   offer recommendations   hold more   manage shocks   derive percent   integrate risks   quantify size   defy analysis   improve access   disclose events   cut emissions   delay distancing   integrate banks   address issues   enable flow   determine section   frame assumptions   meet chapter   remind companies   increase risks   enhance management   concern building   hold mortgages   face challenges   impose damages   take company   achieve calls   expose flooding   consider measure   categorize emissions   arrest warming   set tions   transfer portion   incentivize development   require disclosure   redistribute demographi   improve practices   take steps   demonstrate trackrecord   tcfd 2020a   introduce innovations   cover mechanism   impact value   advance resilience   warm function   institute processes   embed risk   exacerbate disruptions   govern tests   change oceanic   affect geographies   identify risk   exceed estimates   publish survey   collect data   provide loans   test act   expand efforts   increase price   measure holdings   identify adjustments   recommend disclosures   mitigate limitations   mitigate risk   enjoy authority   use disclosures   incorporate requirements   understand profile   compare assets   facilitate flows   meet objectives   accrue value   prescribe recommendation   expand programs   contract system   uscrt toolkit   convey guarantee   integrate climate   balance objectives   increase efforts   issue recommendations   represent system   anticipate outflows   take weeks   incorporate elements   satisfy requirements   require variety   adopt taxes   develop platform   limit requirements   include thousands   allow monitoring   devastate parts   bring marjanac   impact percent   recommend actions   make healthcare   flood vault   ensure coordination   promote efficiency   make payouts   exit market   find sources   undermine justice   impede integration   define demand   bring expertise   apply techniques   provide upside   build portfolios   uncer tainty   facilitate assessment   monitor aspects   enact laws   support distribution   modify terms   devise ways   eurodollar treasuries   present risks   protect infrastructure   push systems   provide jobs   suggest calls   violate duties   provide review   leave sheets   apply risk   establish maintain   address failures   price carbon   affect prices   climateresilient classes   improve understanding   implement disclosures   affect which   identify parameters   give time   incur costs   sponsor iafp   regulate aspect   disrupt production   have information   balance risk   support variety   expand rules   enhance variety   support macroeconomy   extend jurisdiction   amplify risks   point approaches   see chapter   asses exposure   decarbonize economy   disclose markets   communicate impact   inform settings   absorb impacts   enhance analysis   reduce risk   combat impacts   generate returns   drive innovation   safeguard soundness   challenge stability   pick winners   manage challenge   serve regions   stress learning   issue guidance   retain risk   perform functions   address crisis   guide development   eliminate emissions   accelerator grants   organize conference   avoid exercises   explore variety   negotiate convention   reflect consensus   cover sector   note challenges   change cause   require testing   include esg   putt price   encourage planning   highlight extent   support firms   move response   calibrate facets   perform experiment   use exposure   tackle recommendations   gses association   define responsibilities   issue securities   manage them   offer opportunity   require frameworks   manage uncertainties   apply identification   create products   disclose variety   cross al   achieve us   require investments   face insurance   make determinations   reduce production   require strategy   identify diagnose   enhance quality   govern body   limit emissions   trigger perceptions   recover expenses   subsidize premiums   create portfolio   increase losses   purchase assets   provide insurance   maintain stability   conduct test   replace loans   sustain conditions   address report   provide assumptions   shape economy   affect technologies   increase resilience   facilitate sharing   develop datasets   pull dioxide   coordinate sharing   affect types   shape strategies   serve sectors   maintain standard   destroy certificates   launch ets   inform assessments   affect products   need risk   impact sites   owe extent   facilitate purchase   understand parameters   memorialize practices   attract customers   use foreword   reduce capacity   keep report   achieve consistency   interpret data   find association   advance transition   reduce cost   balance need   include fairness   address disclosure   provide credit   explore questions   lose income   advance goal   finance appendix   impose losses   reduce yields   finance transition   bear risk   identify issues   learn approaches   balance autonomy   face constraints   plan chapter   maintain change   conduct analyses   lead group   leave room   should 2   provide requirements   facilitate flow   conduct clearinghouse   judge disclosures   correct price   achieve demand   hinder ability   devastate farmers   offer example   reflect revision   use analysis   sell securities   identify measure   advance storage   take shifts   identify levels   meet goals   create capital   unleash dynamics   add risk   deem appropriate   clarify definition   lead workers   mark bankruptcy   cover potential   operate that   impede development   gather data   drive changes   govern implementation   reflect measure   distinguish trends   default risk   underwrite securities   cover emissions   improve frameworks   provide awards   judge attributes   oversee resilience   insurance system   mitigate gundlach   give measures   governmentsponsored investment   trigger sales   view change   minimize impacts   recommendation 48   respect boundaries   climate exposure   develop models   lead introduction   elucidate risk   limit hikes   offer employees   meet target   head group   impact performance   highlight scenarios   manage recommendation   set settlement   ask banks   lack sustainability   service debts   purchase homes   notify counterparty   make progress   increase oversight   inform debates   cover continuity   operate vehicles   include statement   establish teg   represent risks   see 2007   lack continuity   require analysis   damage base   reach goal   align programs   test scenarios   hit level   address challenges   develop knowledge   adopt approaches   collect information   build processes   undermine resilience   represent category   stabilize s   protect base   increase investments   disclose extent   enable participants   greening ngfs   establish limit   disrupt parts   pose that   offer range   restrict innovation   engage counterparts   revenueproducing assets   stabilize concentrations   begin assessment   impact facet   take commission   include sample   demand compensation   see declines   cover insurers   raise prospect   revise perceptions   affect economies   reflect presence   demand transition   grow analysis   provide levels   build resilience   clear program   include bans   support clients   face stress   support traffic   affect participants   affect functioning   call what   touch each   take advantage   capture insurers   elevate implications   sponsor gresb   undermine industries   conduct research   see library   develop al   develop platforms   understand range   creditproviding banks   create incentive   owe each   sustain change   manage scenarios   inform processes   jeopardize ability   promote implications   asses frequency   develop horizons   lead initiatives   facilitate extraction   withstand shocks   raise barriers   wildfire portfolios   constitute share   require measures   compel insurers   address authorities   strengthen supervisors   designate markets   grant powers   affect system   cover dcms   create hazard   spend career   incorporate analyses   help hedge   view statements   disclose results   face variety   impair capacity   impose tax   produce data   disclose recommendation   identify policies   summarize chains   represent market   develop assessments   affect revenue   limit availability   monitor marketplace   exacerbate vulnerabilities   encourage building   require agencies   contain assessment   disclose risks   incorporate uncertainty   integrate consideration   estimate size   experience events   monitor section   shape analysis   request report   risk exposure   incorporate considerations   accelerate plans   outperform that   cover horizons   discuss declines   allow adjustment   provide opinion   meet interest   strengthen expertise   lead effort   protect system   increase availability   rise analysis   outline evolution   shift portfolios   affect sectors   ensure compliance   divest holdings   adopt set   cover sectors   support technologies   undertake assessment   devote chapter   establish authorities   advance measurement   recommendation regulators   address inconsistencies   satisfy cause   address challenge   impact households   unfold challenge   incentivize reduction   impair ability   convey interests   include chain   manage data   provide policies   support understanding   use data   greening bank   muster courage   change failure   evaluate adequacy   designate them   select look   highlight pointintime   take look   distort allocation   consider change   estimate that   climate sandboxes   govern operations   foster transparency   affect property   include recommendation   identify risks   launch initiatives   recognize need   reduce consumption   threaten stability   manage assets   play range   supply commodity   publish results   analyze them   accept responsibility   expand data   include impact   provide standard   magnify effect   use authority   increase risk   impact communities   mitigate losses   centralize authorities   compound disruption   affect creditworthiness   foster innovation   maintain infrastructure   cushion losses   modify strategies   convene subcommittee   increase wages   affect risk   use counsel   plant trees   define terms   exclude coverage   illustrate importance   provide information   achieve level   appreciate leadership   expand testing   offset losses   designate organizations   figure relationship   establish ets   catalyze flows   know what   ensure response   maintain framework   teach economics   mitigate climate   affect gses   allocate emissions   study impacts   reit energy   analyze risks   degrade reliability   inform decisions   measure effects   sell paper   undertake program   reduce members   include everything   guide assignment   inject liquidity   feed population   require diligence 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decisions   create tradeoffs   monitor risks   require attention   evolve tools   consider integration   secure them   produce three   comprise variety   view members   improve management   experience season   affect valuations   reduce losses   construct owners   provide energy   trigger adjustment   create market   leave farmers   request information   highlight some   match timing   require companies   face vulnerabilities   safeguard stability   utilize disclosures   adjust models   manage resources   shorten lifecycle   include percent   utilize analytics   communicate risk   cover disclosure   include recommendations   review rules   face percent   involve points   undertake exercise   make recommendations   update guidance   escalate crisis   resolve all   designate activities   develop resilience   set thresholds   mobilize finance   cover fire   sponsor enterprises   require firms   involve misperception   succeed that   manage transition   fund payouts   preexist burdens   integrate risk   implement pricing   roll loans   reduce risks   give opportunities   include regulation   reflect exposure   advance technologies   achieve participation   incorporate analysis   ensure resilience   produce shocks   asses risks   price economist   ask many   apply lessons   face increases   increase percent   channel contagion   cover percent   gelles markets   develop contracts   facilitate conversations   flood risk   enhance liquidity   review extent   deploy capital   regulate markets   stress experimentation   facilitate management   disclose information   fulfill roles   build buffers   hold capital   enable regulators   take fund   impact crosssection   negotiate protocol   support ability   manage ouazad   achieve reductions   weaken condition   initiate process   cause damage   select managers   hold assets   rebase economies   compound shocks   reduce allocations   receive which   identify metrics   recognize losses   maximize impact   reside i   lose confidence   reflect views   tap markets   include range   affect risks   approve plans   adapt economy   support comparison   climate analysis   evaluate risk   include sets   see loss   make disclosures   warrant action   increase reflectivity   climate risks   continue reliance   address costs   offer solutions