On January 17, 2023, the Board of Governors of the Federal Reserve System released detailed instructions for the six largest U.S. banks participating in its pilot climate scenario analysis exercise. The pilot exercise is geared towards learning about the climate risk management practices and challenges faced by large banks, with the goal of enhancing the ability of large banks and supervisors to identify, monitor and manage climate-related financial risks. Participants are required to submit completed data templates, supporting documentation and responses to qualitative questions to the Federal Reserve by July 31, 2023. The Federal Reserve anticipates publishing insights gained from the pilot exercise at an aggregate level around the end of 2023, including how lessons learned from the pilot exercise will help identify potential risks and promote effective risk management practices.
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