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Shares in last week: The climate crisis is on the rise on Wall Street
The future of renewable energy could look very different under Biden

Shares in last week: The climate crisis is on the rise on Wall Street

What is happening: European Central Bank Said last week How it will begin conducting an in-depth assessment of the Bank of the Climate Risk Accounts balance in 2022.

Banks, for example, are expected to disclose how floods and storms could affect the value of real estate and customers’ supply chains, as well as take into account potential losses if businesses adjust their operations to zero carbon footprint.

“Ensuring that the bank’s balance sheet also reflects the risks associated with climate and the environment is a requirement not only for the resilience of the banking sector, but also for accurate pricing of these risks,” he added, adding that discussions with lenders would begin at the beginning of the year.

It is an important signal that financial regulators will not leave climate control to the government alone – and for good reason.

See here: Big countries BB (BB) And Snails (RDSB) Give a careful example of what can happen to property values ​​as a result of climate-related changes in the economy. Both companies wrote Billions of dollars Their book this year as the epidemic has changed Oil prices – and both are accelerating their move towards clean energy.

With that in mind, it is only a matter of time before America’s leading investment banks, which are the largest suppliers of fossil fuel to their European counterparts, are forced to tackle climate change.

The US Federal Reserve has announced a loan. First, it cited the effects of climate change for the bank this month. Financial Stability Report, Saying better disclosure could improve the pricing of climate risks and avoid sudden changes in property prices that could cause financial system turmoil.

“Federal Reserve Regulators expect banks to have systems in place to properly identify, measure, control and monitor their material risk, which for many banks tends to escalate into climate risks,” the Fed said.

JPMorgan Chase (JPM Company), Wells Fargo (WFC), Citi (C) And Bank of America (KPL) It is one of the World Bank’s largest financiers of fossil fuels. Since 2016, four banks have invested more than $ 800 billion in companies in the coal, oil and gas sectors, according to the Rainforest Action Network, an environmental group.
Recently, a number of major banks Contract To be financially aligned with Paris’ climate targets, but the details are not yet breath-taking and the extent of its revelation means it is easier said than done.
The big picture: In addition to destroying the world, climate change could cause huge losses in banks and Threats to the stability of the financial system.

More than half of the combined loans of major US banks are in various sectors of the economy, leaving them vulnerable to the risks posed by climate change, according to non-sustainable provisions. This extends beyond loans to fossil fuel companies and includes sectors such as construction, manufacturing and agriculture.

Investors weigh pods: It is not just lenders who face climate calculations. Last week, a group of global investors with more than $ 9 trillion in assets managed to list the 36 largest companies in Europe, including BP, Volkswagen (VLKAF) And Lufthansa (Journalist), Urging them to address the missing climate change issue on their account.

Companies are selected based on their risk-making decisions and are prompted to prepare “Paris-compliant” earnings reports that reflect how climate change is affecting their business.

“It would be inconsistent to focus on climate risks in the strategic report but should not take these risks into account,” he said. Write down. “If the account lacks climate risk, too much capital will go into activities that put shareholders’ capital at greater risk, it will put our future at risk.”

Hard choices before a very unusual Thanksgiving holiday

Millions of Americans are preparing to strike before Thanksgiving. That could be a double-edged sword for the economy.

Event Scenario: Expected Travel Increases During the Thanksgiving Holidays Will Increase Welcome Income for Families The aviation industry battered And roadside businesses, but there is also a risk of coronavirus infection during hospitalization and death. Climbing. In the end it may outweigh the short-term economic benefits of having more migrants.

The American Automobile Association said last month that an estimated 50 million Americans travel to Thanksgiving, down from 55 million in 2019, but that number remains high. The trade union said the final phase would be lower, due to increased coronavirus infections and quarantine restrictions, but carriers are still improving on rare needs.

Source: United said earlier this month that it was adding more than 1,400 domestic flights during Thanksgiving, which is expected to be the busiest time since March. And Jeo Bong (JBLU) Twenty-five more flights are being added from New York to capacity during the last 10 days of November.

Travel enthusiasm and related spending will bring much-needed relief to the US economy. At the same time, close physical contact between distant family members can lead to infection in cases of the disease.

If many states enforce such restrictions, any benefits from travel and increased spending during the Thanksgiving holiday could evaporate quickly.

Any plans, please be safe. You can get the latest advice from the US Centers for Disease Control and Prevention by clicking here.

Next up

Monday: United States Manufacturing and Services PMI; Urban Outfitters (URBN) Income
Tuesday: U.S. Consumer Confidence; Nordstrom (JWN), GAP (GPS), American Eagle (AEO), Dollar tree (DLTR Company), Best Buy (BB), Abercrombie & Fitch (ANF) Income

Wednesday: Initial U.S. jobless claims and home sales in October

Thursday: ECB and Fed minutes; US stock markets close

Friday: Black Friday