2021 Strategic Planning Conference

Climate The Outlook and Risks

• The severity and frequency of extreme weather events are increasing. • Physical risks risk from hurricanes, flood, drought and wildfire threaten asset values. • Transition risks result from a shift toward a lower carbon economy. • Data is limited but evolving.

Treasury Secretary Janet Yellen called climate change “an existential threat” and the biggest emerging risk to the health of the U.S. financial system, pledging to marshal regulatory forces to guard against its harmful effects.

Climate - What have we done so far?

State Response

CSBS Response Beginning to Educate and Convene • Prepared a Literature Review • Various briefings on federal actions

Overall, the response varies: • States are always first responders. • Evaluate disaster recovery capabilities. • States issued guidance on Climate Risk. • District 1 working group in formation. • Participation in FSOC activities .