WASHINGTON–In the present day, the Workplace of Monetary Analysis (OFR) declares the launch of its Local weather Information and Analytics Hub pilot, a brand new instrument to assist monetary regulators assess dangers to monetary stability stemming from local weather change.  This collaborative surroundings will enhance customers’ entry to public local weather and public monetary information, high-performance computing instruments, and analytical and visualization software program.  Entry to the pilot initially can be restricted to the Federal Reserve Board of Governors (FRB) and the Federal Reserve Financial institution of New York (FRBNY), with the purpose of increasing entry to the entire Monetary Stability Oversight Council (FSOC) member businesses.

“Monetary regulators want each monetary and non-financial information, in addition to high-powered computing capabilities, to successfully analysis climate-related monetary dangers,” stated James Martin, Appearing Director of the Workplace of Monetary Analysis. “The OFR is proud to accomplice with the Board of Governors of the Federal Reserve and the Federal Reserve Financial institution of New York to assist assess and establish climate-related monetary dangers to monetary stability.”

The Local weather Information and Analytics Hub will enable pilot contributors to combine information from throughout the federal authorities, together with wildfire, crop situation, precipitation, and different climate-related information with their public supervisory information for a extra exact view of the connection between local weather change and monetary stability danger.  The Hub can also be outfitted with statistical and visualization functions that can enable deeper perception into climate-related monetary dangers and vulnerabilities.

“Delivering a clearer evaluation of economic dangers on account of local weather change requires each local weather information and monetary information – data that’s usually siloed – and the power to combine these information,” stated Nellie Liang, the Treasury Division’s Underneath Secretary for Home Finance. “In the present day, the Workplace of Monetary Analysis is taking an vital step towards enabling  policymakers to raised perceive and handle dangers to the monetary system posed by local weather change. By offering a shared database of each local weather information and monetary information and high-powered computing instruments, OFR’s local weather hub pilot will assist streamline regulators’ entry to this vital data, offering a brand new, extra complete view of climate-related monetary dangers.”

For extra data, see OFR’s Local weather Information and Analytics Hub Reality Sheet. 

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