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It’s vitally important to strengthen the US financial system to meet the climate change challenge, Federal Reserve Governor Lael Brainard said on Friday, as reported by Reuters.

Additional takeaways

“The Fed  is making progress toward incorporating climate considerations.”

“The Fed sees opportunities in years ahead to collaborate with other US financial regulators on climate change.”

“The Fed looks forward to collaboration with foreign central banks on research and addressing data gaps on climate change and financial stability.”

Market reaction

These comments don’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was down 0.67% on a daily basis at 3,697.