A network of 54 central banks and industry supervisors formed in 2017 is looking for ways to develop a new framework for climate risk management in the financial sector. Many of the group’s members are also on the Basel Committee on Banking Supervision, which sets global capital requirements.
"States can now accelerate deeper progress toward what we really want: a 100 percent clean electricity grid that is also affordable and reliable. Unfortunately, by failing to allow all carbon-free technologies to compete equally, leading states are on the brink of adopting policies that miss the opportunity to achieve all three objectives simultaneously."
"Policies to foster competition in energy are important especially in states like Michigan with regulated electricity markets. In Michigan, regulated investor-owned utilities are the only providers of electricity in the service territories in which they operate."
"The role of our financial regulators is to ensure sustainable, efficient markets that protect us from financial and economic disruptions. As we’ve seen over the years, however, they’re not always up to the task."
If there’s a silver lining to the Pacific Gas & Electric Company disaster, it’s that — in the midst of filing for bankruptcy — it has opened up the space for conversations about alternatives. And perhaps one of the most interesting of these conversations is based on the idea of transforming the utility into a network of cooperatives: utilities owned and managed by the ratepayers themselves.