Climate activists to press Fed at Jackson Hole conference
Send a link to a friend
[August 25, 2022]
By Ann Saphir
JACKSON, Wyo. (Reuters) - Climate activists
will stage a series of colorful protests at the Federal Reserve's annual
Jackson Hole central banking conference that starts Thursday, intent on
pressing the Fed to address climate change and move the U.S. economy
away from fossil fuels.
"Our presence will remind the Fed that real people are suffering from
the real-life economic impacts of the climate crisis, and that this very
real human cost has to be reflected in the Fed's actions going forward,"
said Emily Park, an organizer with climate group 350.org.
Central bankers from around the world attending this year’s Jackson Hole
Economic Symposium are expected to discuss academic papers and
challenges around policy constraints as they tackle high inflation. It
unclear how much attention will be on climate risks.
The climate activists' demands include faster action on requiring banks
to measure their natural disaster vulnerabilities and potential
disruptions related to the green energy transition.
But the demands also extend beyond what Fed policymakers say are their
mandates, like requiring banks that lend to oil and gas companies to tie
up more capital to safeguard against losses if the transition away from
fossil fuels is more disruptive than anticipated.
![](http://archives.lincolndailynews.com/2022/Aug/25/images/ads/current/farmers_bank_sda_FAIR_2022.png)
Park said she hopes the actions - which include people holding signs
calling for a Fossil Free Fed along the road from Jackson Airport to
Grand Teton National Park where the meeting takes place - will impress
on Fed Chair Jerome Powell and fellow policymakers the need to focus on
environmental threats.
The Fed has long shied from wading into climate matters, a hot-button
U.S. political issue. It was the last major central bank, for instance,
to join the Network for Greening the Financial System. Peers like the
Bank of England and European Central Bank perform annual climate stress
tests on the banks in their jurisdictions.
[to top of second column]
|
![](../images/082522PIX/news_f13.jpg)
A slow-moving landslide is seen as it
threatens several homes and businesses in Jackson Hole, Wyoming in
this picture taken April 17, 2014. REUTERS/David Stubbs
![](http://archives.lincolndailynews.com/2022/Aug/25/images/ads/current/collins_lda_FAIR_2022.png)
It has instead focused on understanding the risks climate change and
the transition away from fossil fuels poses to the economy. But the
Fed has largely ruled out a more aggressive role in driving
investment toward green energy, as the European Central Bank has
begun to do, and as activists would like.
That is in line with many Republican members of Congress who balk at
the central bank taking an active role in mitigating climate risks.
Activists and some Democrats feel such a stance should at least be
under consideration. The Fed is accountable to Congress.
The Fed has two internal groups and has partnered with U.S.
regulators to research potential vulnerabilities in the banking
sector and the larger financial system.
Powell has also indicated the Fed is exploring how banks can cope
with climate risks like rising temperatures and weather disasters,
including developing climate stress scenarios already in use by
other central banks.
Any focus on climate will work with the Fed's mandates to achieve
maximum employment and price stability, Powell has said.
(Reporting by Ann Saphir; Editing by Dan Burns and Josie Kao)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
![](http://archives.lincolndailynews.com/2022/Aug/25/images/ads/current/burtonview_daily_sda_FAIR_2022.png) |