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 Page ImageClimate Change and ESG
 Image Caption​​​​​​​​​​​​​​​​​CLIMATE CHANGE AND Environmental, social, and governance (ESG)
 Climate Change and ESG Policy Programs 2024 TechSprint: Generative AI in Housing Finance Affordable Housing & Community Investment Climate Change and ESG FHLBank System at 100: Focusing on the Future FHLBank System at 100: Report Implementation Duty to Serve Program Enterprise Housing Goals Fair Lending Oversight Program Financial Technology Fraud Prevention Velocity: A Tech Sprint from the Federal Housing Finance Agency Housing Finance Examiner Commission Program Loss Mitigation National Mortgage Database Program Neighborhood Stabilization Initiative (NSI)
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 Policy, Programs & Research
 Programs
 The Federal Housing Finance Agency (FHFA) recognizes that climate change poses a serious threat to the U.S. housing finance system. FHFA's regulated entities – Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System – have an important leadership role to play in addressing this issue. In its supervisory capacity over the regulated entities, as well as its role as conservator of Fannie Mae and Freddie Mac, FHFA has been actively working to ensure that the regulated entities are accounting for the risks associated with climate change and natural disasters while also overseeing the regulated entities' work related to Environmental, Social, and Governance (ESG) broadly. To this end, FHFA established an internal Climate Change and ESG Steering Committee, consisting of the Agency's leadership, and eight working groups staffed with experts from across the agency on the following areas: Data and research;
   Assessing climate exposure;
   ESG reporting and disclosure;
   Governance;
   Green bonds;
   Consumer protection;
   Internal agency operations; and
   Legal. The working groups will work with FHFA's regulated entities, members of the FSOC Climate-Related Financial Risk Committee (CFRC), members of  the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), members of the Financial Literacy and Education Commission (FLEC), members of the Mitigation Framework Leadership Group (MitFLG), and other stakeholders. A​dditional Steps Taken In April 2023, FHFA joined the 
   Mitigation Framework Leadership Group (MitFLG). MitFLG, led by the Federal Emergency Management Agency (FEMA), is focused on  strengthening the nation’s disaster resilience by expanding mitigation awareness, coordination, and action. In July 2022, FHFA joined the 
   Financial Literacy Education Commission (FLEC). FLEC is a national interagency group focused on coordinating financial education efforts throughout the federal government. On May 11, 2022, FHFA joined the 
   Network of Central Banks and Supervisors for Greening the Financial System (NGFS). NGFS is an international group comprised of central banks and financial supervisors whose purpose is to help strengthen the global response required to meet the goals of the Paris agreement. Econ Summits FHFA will host an 
   Economic Summit on climate risk on November 12, 2024. (Fall 2024 Econ Summit Call for Papers) On October 3, 2023, FHFA hosted an 
   Economic Summit on climate risk. The Summit included three sessions: climate change and insurance; land use regulations, disclosures, and risk modeling; and disaster risk and house prices. On November 1, 2022, FHFA hosted an 
   Economic Summit on climate risk, with sessions on climate stress testing and academic research on impacts to vulnerable communities. Other FHFA Public Engagements On March 13, 2024, the FHFA Multifamily team hosted a Multifamily Insurance Symposium. The symposium included sessions on insurance market risks and challenges, insurance and affordability, emerging solutions, and the Enterprises’ and HUD’s perspectives on insurance market challenges. On November 14 and 15, 2023, the FHFA Single-Family team hosted a Single-Family Insurance Symposium. Day One included sessions on insurance commissioner perspectives, implications of growth in residual insurance markets, insurance industry perspectives, and the homeownership experience. Day Two included sessions on strengthening community resilience and insurability, empowering communities with information, wildfire solutions, building climate resilience across sectors, building codes and standards, and consumer perspectives. Agency Documents See FHFA’s climate-related performance measures and targets for 2024 within FHFA’s 
   FY 2024 Annual Performance Plan. See FHFA’s FY23 climate-related activities and plans for FY24 within FHFA’s 
   2023 Performance and Accountability Report. See FHFA’s climate-related activities in 2022 within FHFA’s 
   2022 Annual Report to Congress. See FHFA’s climate-related performance measures and targets for 2023 within FHFA’s 
   FY 2023 Annual Performance Plan. See FHFA’s FY22 climate-related activities and plans for FY23 within FHFA’s 
   2022 Performance and Accountability Report. See FHFA’s climate-related activities in 2021 within FHFA’s 
   2021 Annual Report to Congress. Climate Blog Series *Read about the ongoing work and accomplishments of FHFA’s Climate Change and ESG Working Groups.* The Need to Address Climate RiskAugust 28, 2023Author:
         Daniel E. Coates 
         Deputy Director, FHFA Division of Research and StatisticsChair, Climate Change and ESG Steering CommitteeExecutive Sponsor, Climate Change and ESG Working Groups Understanding the Climate’s Impact on Vulnerable PopulationsNovember 27, 2023Authors: 
         Leda DeRosa Bloomfield 
         Branch Chief for Policy and Equity, Office of Fair Lending OversightDivision of Housing Mission and GoalsSarah Friedman 
         Examination Specialist, Office of Fair Lending OversightDivision of Housing Mission and Goals FHFA’s Fall 2023 Econ Summit on Climate RiskJanuary 22, 2024Author: 
         November Wilson 
         Senior Economist, Climate Change and ESG Branch Division of Research and Statistics Incorporating Climate-Related Risks into GovernanceApril 22, 2024Authors: 
         Eric Kelley
         Senior Strategic AnalystDivision of Conservatorship Oversight and ReadinessAnne Marie Pippin
         Deputy DirectorDivision of Conservatorship Oversight and ReadinessLa’Toya Holt
         Senior Risk Analyst, Governance and Management Risk BranchOffice of Risk AnalysisPolicy and Guidance and DevelopmentDivision of Enterprise RegulationEditor: 
         Varun Joshi
         Economist, Climate Change and ESG BranchDivision of Research and Statistics Progress in Addressing Climate-related Disclosure Standards April 23, 2024Authors:
         Suzanne Crump 
         Principal Accountant (Advisor)Office of the Chief AccountantTruc-An To 
         Principal Accountant, Financial Disclosure BranchOffice of the Chief AccountantQuinn McDonough 
         Accountant, Accounting Policy BranchOffice of the Chief AccountantEditor: 
         Varun Joshi
         Economist, Climate Change and ESG BranchDivision of Research and Statistics ​Disaster Response and Assistance In May 2019, FHFA formalized its agency-wide Disaster Response Team (DRT), which had been meeting informally for years prior. The DRT has experience coordinating with the regulated entities, other government agencies, external parties, and internal FHFA stakeholders during natural disasters. It is guided by a natural disaster response and recovery framework developed by FHFA in coordination with its regulated entities to support borrowers and renters affected by natural disasters. This framework incorporates forbearance and workout options for borrowers in areas impacted by natural disasters, tailoring options to their specific circumstances. For more information on disaster response and assistance: See https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Disaster-Assistance.aspx RFI: Climate and Natural Disaster Risk Management at the Regulated Entities Link to Comments – select 
   *“Climate and Natural Disaster Risk"* in dropdown menu Link to RFI Synopsis Listening Session On March 4, 2021, FHFA held a public listening session on Climate and Natural Disaster Risk Management at the Regulated Entities. March 4, 2021 Listening Session March 4, 2021 Agenda March 4, 2021 Listening Session Transcript March 4, 2021 Listening Session Presentations Statements, Remarks, and External Engagements Daniel E. Coates, Executive Sponsor of the Climate Change and ESG Working Groups at FHFA, discussed FHFA and its regulated entities’ actions to address climate change in an interview with The Economist on March 27, 2024. Daniel E. Coates, Executive Sponsor of the Climate Change and ESG Working Groups at FHFA, delivered closing remarks addressing climate change at the joint GSE Climate Risk Forum held on March 20 and 21, 2024 at the Freddie Mac Headquarters. Daniel E. Coates, Executive Sponsor of the Climate Change and ESG Working Groups at FHFA, delivered remarks on FHFA and its regulated entities’ actions to address climate-related risk during the Ceres webinar, Charting Progress: Regulator Actions on Climate Financial Risks, on December 18, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, discussed the impact of climate change on the housing finance sector at the Insurance Information Institute (III) Town Hall held on November 30, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, participated in a panel on Climate-Related Risk for Housing Finance at the Financial Services Conference organized by the Consumer Federation of America on November 16, 2023. Jessica Shui, Climate Change and ESG Branch Manager for the Division of Research and Statistics at FHFA, delivered remarks on FHFA’s progress in advancing climate resiliency at the Financial Literacy and Education Commission 
   Public Meeting held on November 15, 2023. Jessica Shui, Climate Change and ESG Branch Manager for the Division of Research and Statistics at FHFA, delivered remarks addressing climate risk at CoreLogic’s DC Government Forum held on November 13, 2023. Sandra L. Thompson, Director of FHFA, delivered 
   remarks addressing climate change at the Financial Stability Oversight Council’s Climate-related Financial Risk Advisory Committee Meeting on October 20, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered remarks on FHFA’s work to address climate change during an interview with National Mortgage Professionals on October 12, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered closing remarks addressing climate change at the joint GSE Climate Risk Forum held on October 10, 2023. Sandra L. Thompson, Director of FHFA, participated in a climate change Q&A organized by the National Association of Federally Insured Credit Unions (NAFCU) on September 13, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered remarks which also touched upon climate change at the 2023 American Real Estate and Urban Economics Association (AREUEA) National Conference held on June 1, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, participated in a panel discussion on climate risk hosted by CoreLogic on May 10, 2023. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered remarks on FHFA’s actions to address climate-related risk during the Ceres webinar, The Climate Risk Scorecard: Assessing U.S. Financial Regulator Action, on December 6, 2022. Sandra L. Thompson, Director of FHFA, delivered 
   remarks during the Financial Literacy Education Commission (FLEC) Public Meeting on November 17, 2022, which also touched upon climate. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, served as the keynote presenter for the September 30, 2022, Climate Adaptation Forum (CAF). Sandra L. Thompson, Director of FHFA, addressed climate change during the National Association of Federally Insured Credit Unions (NAFCU)’s Congressional Caucus event in September 2022. Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, addressed climate change in a podcast on climate change risk organized by the National Association of Federally Insured Credit Unions (NAFCU) in August 2022. Remarks of Sandra L. Thompson, Director of FHFA, at Financial Stability Oversight Council Principals Meeting on July 28, 2022. Federal Housing Finance Agency Announces Membership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS)​ on May 11, 2022. FHFA Acting Director Sandra L. Thompson's Statement on Climate Change on December 27, 2021. Prepared Remarks of Sandra L. Thompson, Acting Director of FHFA, at Financial Stability Oversight Council Principals Meeting. on October 21, 2021. Regulated Entities On March 20 and 21, 2024, the Enterprises hosted a joint GSE Climate Risk Forum. The event included panel sessions, presentations, and individual speakers covering topics on the low-carbon transition and housing. On October 10, 2023, the Enterprises hosted a joint GSE Climate Risk Forum. The event included panel sessions, presentations, and individual speakers covering topics on climate resilience and the housing market. In June 2023, the Federal Home Loan Banks released an inaugural 
   Corporate Social Responsibility Report highlighting their commitment to robust and prudential risk management and governance in order to continue to meet the demands of their member districts. The ESG website of the 
   Federal Home Loan Bank of Dallas describes their ESG strategy and includes a link to their 
   2022 ESG Report, published in April 2023. Fannie Mae and Freddie Mac's ESG websites describe their ESG strategies and include links to their most recent Sustainability and ESG Reports. ​Contact: Email: ClimateChange-ESG@fhfa.gov ​Meet the Team **Anju Vajja***Executive Sponsor of Climate Change and ESG Working Group**Chair, Climate Change and ESG Steering Committee* **Jessica Shui***Project Coordinator**Climate Change and ESG Working Group* **Varun Joshi***Assistant Project Coordinator**Climate Change and ESG Working Group* Read the 
   bios of additional experts working on climate and ESG. *Page last updated: April 23, 2024​​​*
 
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