It’s a pleasure to be here for the CFTC’s Second Voluntary Carbon Markets Convening. In response to the Executive Order, the FSOC issued the Report on Climate-Related Financial Risk (Report). [4]Build capacity and expand efforts to address climate-related financial risks;Fill climate-related data and methodological gaps;Enhance public climate-related disclosures; andAssess and mitigate climate-related risks that could threaten the stability of the financial system. In the last year, alone, two of the leading standard-setting bodies—the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Market Integrity Initiative (VCMI) are working to release rules for both suppliers and buyers of carbon offset credits. In my capacity as the sponsor of the Market Risk Advisory Committee (MRAC), I re-established the Climate-Related Market Risk Subcommittee.

Source: Wall Street Journal July 19, 2023 19:07 UTC