Acting Comptroller of the Currency Issues Statement in Support of the NGFS Glasgow Declaration — 2021-11-03

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today released the following statement in support of the Network for Greening the Financial System (NGFS) Glasgow Declaration. The harmful impacts from climate change are real, recognize no geographic boundaries, and cannot be ignored. Since the OCC joined the NGFS this year, we have been working in a variety of areas to support climate change efforts. As the Acting Comptroller of the Currency, I have prioritized the need to incorporate climate change into risk management frameworks to address the safety and soundness of the federal banking system. The OCC is working to take a leadership role to understand these significant and complex challenges. We plan to develop high-level climate risk management supervisory expectations for large banks and hope to issue framework guidance for comment by the end of the year.