Six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve Board that seeks to enhance climate-related financial risk management efforts in the industry.
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will take part in the exercise, which will launch in early 2023 and conclude by the end of the year, the Fed announced Thursday. The agency intends to publish insights gained from the program, though it will not attribute information to specific firms.
