The Hill published an article titled “The Fed is out of touch on climate”, co-authored by Akiksha Chatterji and Northeastern Professor Jennie Stephens (Dean’s Professor of Sustainability, WGSS affiliated faculty). The article centers around the Federal Reserve’s decision not to address climate change in its economic policy, reasoning that it would conflict with the independent nature of the Fed. Chatterji and Stephens condemn this decision, arguing that it’s a “narrow, short-sighted interpretation of the Fed’s mandate, and a potentially dangerous and misguided view on what the Fed’s independence means.” The authors further express that it is the Fed’s responsibility to manage climate risks, given the possibility for a financial crisis ensued by persistent fossil fuel financing.
Read more of Professor Stephens’ take on economic policy and sustainability in The Hill article here!
