Fed chair Powell warns of ‘profound challenges’ posed by climate change

Federal Reserve Chairman Jerome Powell acknowledged serious risks the climate crisis poses to the world economy and called for a coordinated response that is led in the United States by elected officials.

“There is no doubt that climate change poses profound challenges for the global economy and certainly the financial system,” Powell said Friday while speaking virtually at the Green Swan Conference.

The Fed chief said the global response will require “bold steps and decades of sustained efforts” by national authorities, international groups and the private sector.