Climate risk has become a major concern for financial institutions and financial markets. Yet, climate policy is still in its infancy and contributes to increased uncertainty. For example, the lack of a sufficiently high carbon price and the variety of definitions for green activities lower the...

U.S. financial regulators have argued that the risks that climate change poses for large financial institutions are outside of their core regulatory mandate. This article argues that oversight of the largest financial institutions' financing of significant amounts of fossil fuels and other...