The Department of the Treasury’s financial research office has launched a data-driven pilot project that will focus on identifying and assessing the possible impacts of climate change on financial system stability.
Participants in the Climate Data and Analytics Hub initiative will have access to high-performance computing tools and software platforms designed to visualize and analyze information, the Treasury said Thursday.
The Federal Reserve Board of Governors and the Federal Reserve Bank of New York are the initial users of the hub.
Nellie Liang, undersecretary for domestic finance at the Treasury, noted the department intends to help regulators gain insight into financial risks from shifting weather events through a shared database.
“Financial regulators need both financial and non-financial data, as well as high-powered computing capabilities, to effectively research climate-related financial risks,” said James Martin, acting director of the Office of Financial Research.
The hub will also support the integration of public supervisory data with government information such as precipitation, wildfires and crop conditions, precipitation.
OFR will look to expand hub access to all agencies that are part of the Financial Stability Oversight Council.