The Financial Stability Oversight Council (FSOC) established the Climate-related Financial Risk Advisory Committee (CFRAC) this week and appointed a slate of committee members to serve on it.
The CFRAC will help the council gather information and analyze climate-related financial risks from a broad array of stakeholders. The committee members include stakeholders from various backgrounds, including those from financial services firms, non-governmental research institutions, climate-related data and analytics providers, non-profit organizations, and academia.
“Assessing climate-related financial risk is a complex and important task, and I am grateful for the willingness of this committee to take on this work,” Secretary of the Treasury Janet Yellen said. “In establishing this committee, we will leverage the expertise of those outside of government and work collaboratively to improve our collective understanding of how climate change may impact the financial sector. The newly established advisory committee will also ensure that state and federal policymakers hear from leading experts on climate-related financial risks.”
FSOC announced plans to establish CFRAC in its 2021 Report on Climate-Related Financial Risk. The first meeting is anticipated to be held in early 2023.
The 20 committee members include: Dr. Viral Acharya, professor of Economics at New York University Stern School of Business; Dr. Catherine Ansell, executive director, climate risk at JPMorgan Chase; Dr. Laura Bakkensen, associate professor, University of Arizona’s School of Government and Public Policy; Wendy Cromwell, head of sustainable investment, Wellington Management; Karen Diver, senior advisor to the president for Native American affairs, University of Minnesota; Ivan Frishberg, chief sustainability officer, Amalgamated Bank; Ilmi Granoff, senior fellow at the Sabin Center for Climate Change Law and adjunct research scholar, Columbia Law School; Emily Grover-Kopec, director, energy and climate practice, Rhodium Group; Janine Guillot, special advisor to the chair of the international sustainability standards board; Dr. Noah Kaufman, research scholar, School of International and Public Affairs’ Center on Global Energy Policy, Columbia University; Dr. Ed Kearns, chief data officer, First Street Foundation; Tracey Lewis, policy counsel, Public Citizen’s Climate Program; Dr. Bob Litterman, founding partner, Kepos Capital; Dr. Cecilia Martinez, principal advisor for resilience and communities, Bezos Earth Fund; Michael Panfil, lead counsel, climate risk & clean power, Environmental Defense Fund; Dr. William Pizer, vice president for research and policy engagement, Resources for the Future; Julie Renderos, CFO, Suncoast Credit Union; Dr. Arthur Small, lecturer, School of Engineering and Applied Sciences, University of Virginia; Dr. James Stock, vice provost for climate and sustainability, Harvard University; Dr. Peter Wilcoxen, professor of Energy and Environmental Policy, Syracuse University; and Dr. Allen Fawcett, chief, climate economics branch, Environmental Protection Agency (observer).