US banking giants had 'significant' challenges estimating climate risks: Fed

Washington (AFP) May 9, 2024

Six US banking giants reported having "significant" challenges when estimating the financial risks from climate change because of a lack of good data, the Federal Reserve said Thursday. The six large banks, including Bank of America, Citigroup, and Goldman Sachs, participated in the 2023 pilot conducted by the US central bank in order "to explore the resiliency of their business models to c