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From YouTube: June 2022 Chapter Meeting
Description
In June meeting, we heard from Yevgeny Shrago, who is the is policy director for Public Citizen’s Climate Program, where he advocates for financial regulators to direct companies, banks, money managers, and other private actors to better identify and address the risks related to the climate crisis.
This presentation explains the serious risks that climate change poses to the financial system, the way that banks and other large financial institutions are fueling that crisis and its negative impacts on vulnerable communities, and the tools that financial regulators are implementing and can implement to address those risks.
A
Welcome
everybody
to
the
june
monthly
meeting
for
the
climate
reality
dfw
chapter
my
name
is
alex.
I
am
one
of
the
co-vice
chairs
and
we're
gonna.
Take
a
second
we'll
get
if
you're
a
new
member,
we'll
get
a
chance
to
introduce
yourself
in
just
a
second.
But
for
now
everybody
on
the
executive
committee.
Can
you
go
ahead
and
raise
your
hand
and
introduce
yourself
so
people
know
who
you
are
like
actually
raise
your
hands
on
the
zoom
feature
like
like
yeah,
like
that
there
we
go.
A
D
E
B
A
F
F
F
A
F
A
I
got
you
fam
all
right,
so
now
there's
the
chances
anybody
here
new-
or
this
is
like
your
first
year,
your
second
time
coming
to
the
meeting,
if
you
feel
comfortable,
feel
free
to
introduce
yourself
on
mute
turn
on
your
camera.
If
you
would
like,
we
would
love
to
see
your
face,
but
if
you're
uncomfortable
with
that
that
is,
okay
as
well,
so
any
new
people.
A
Well,
we'll
roll
on
through
and
if
anybody
is
new,
feel
free.
If
you
get
here
late
or
you
don't
feel
like
unmuting,
you
can
also
introduce
yourself
in
the
chat
alrighty
guys.
So
I
guess,
since
everybody
here
has
been
here
a
while
I'm
going
to
give
a
quick,
las
vegas
update
for
those
of
you
who
did
not
know
myself,
joshua
and
leah
all
went
to
the
las
vegas
training
that
was
last
week.
We
were
mentors
there.
A
It
was
a
lot
of
fun
we
did.
According
to
roger,
we
got
five
new
opt-ins
from
that
training.
I
believe
some
of
the
mentees
were
kind
of
scattered.
Throughout
myself
I
had
two
people
from
the
dfw
area
and
I
think
one
of
the
san
antonio
chairs
had
somebody
from
our
area
as
well.
So
everybody
was
a
little
scattered,
but
it
was
a
really
good
training.
There
was
a
really.
There
was
a
good
presence
there.
I'll
share
pictures
in
just
a
second.
I
was
hoping
one
of
the
new
people
would
be
here.
A
I
know,
graham,
if
y'all
have
met
graham
before
he
unfortunately
couldn't
make
it
today
he's
in
new
york
with
his
wife
and
daughter,
but
he
is
officially
trained
now
and
he's
been.
He
was
one
of
my
new
member
introductions
and
he
was
also
one
of
my
mentees
and
has
been
chomping
at
the
bit
to
get
trained,
so
I'm
really
excited
for
him
but
yeah.
Let
me
see
if
I
can
share
my
screen.
I
see
that,
hopefully
it
has
been
enabled,
so
I
will
show
y'all
some
of
the
pictures.
A
Okay,
can
everybody
see
that
cool
all
right,
so
these
are
just
some
quick
pictures.
If
my
phone,
my
computer,
there
we
go
so
hey,
las
vegas
had
to
get
a
picture
of
the
vegas
strip
there.
Here
are
your
lovely
mentors
from
the
area,
and
this
is
the
group
photo
that
we
all
took
with
mr
gore,
so
jesse's
right
there
I'm
over
here
leah,
you
ended
up.
Where
did
you
end
up?
Oh
there
you
are
lurking.
A
A
You're
right
there,
and
so
it
was
really
awesome.
We
got
to
meet
a
lot
of
the
climate
reality
staff,
so
this
is
william
conover.
He
is
our
regional
coordinator
with
climate
reality,
so
we
got
a
chance
to
actually
meet
him
in
person.
We
have
monthly
check-ins
with
him,
but
it
was
really
great
to
meet
him
and
some
others
in
person
and
for
anybody.
Who's.
An
hgtv
fan,
apparently
jonathan
scott.
One
of
the
property
brothers
is
also
a
trained
climate
reality
leader,
and
he
was
also
the
master
of
ceremonies.
I
think
on
was
it
sunday.
A
It
was
sunday
right,
yes,
yeah
and
so
somebody
say
something
nope
all
right
yeah,
so
he
actually
introduced
leah.
Who
did
a
mindfulness
kind
of
exercise
for
the
entire
training
that
morning,
which
is
really
cool.
But
if
anybody's
an
hgtv
fan
a
leather,
I'm
going
to
call
tim
a
celebrity
presence,
just
if
anybody
knows
tim
ginny
he's.
I
think
the
president
of
the
climate
action
now
app
is
that
right,
yeah,
yes
and
apparently
he
is
also.
A
I
have
not
seen
it
on
netflix,
but
he
is
also
in
several
tv
shows,
but
one
of
which,
if
you
have
seen,
I
think
it's
called
inventing
anna
apparently
he's
in
a
few
of
those
shows
on
netflix
as
well.
So
we're
calling
him
a
celebrity,
and
then
this
is
chris
right.
Yeah,
yes,
and
she
is
what's
she
the
chapter
coordinator.
A
Well,
yeah,
so
it
was
really
great
to
kind
of
make
that
connection
with
some
of
the
you
know.
National
climate
reality
people
and
we
did
a
lot
of
actions
on
climate
action.
Now
we
ended
up
with
more
than
4
000
actions
over
the
weekend,
which
is
really
cool.
It
was
what
was
really
neat
was
that
we
took
five
minutes
to
kind
of
work
towards
this
goal
and
just
seeing
all
the
mentees
really
get
into
it.
A
If
you
don't
know
about
climate
action
now
you
can
earn
points
towards
a
tree,
and
so
we
would
hear
just
like
throughout
the
room,
people
shouting
I
got
a
tree.
I
you
know
I'm
calling
the
president
and
stuff
like
that.
So
it's
really
exciting
to
see
everybody
get
like
into
activism,
or
at
least
that
kind
of
first
taste
of
it.
So
that
was
neat.
This
was
my
group.
If
you,
let's
see
so
graham,
is
our
going
to
be
with
our
chapter.
A
To
begin
with,
our
chapter
tony
mayer
may
not
be
with
our
chapter
he's
in
galveston
and
there
is
not
currently
a
galveston
chapter,
we're
working
on
getting
him
with
houston.
This
is
moxie
she's
with
san
antonio
and
austin,
and
everybody
else
was
a
vegas
person,
and
then
this
was
leo's
group.
I
don't
think
any
of
them
were
from
dfw
right.
D
Of
them
are
in
vegas,
so
I
just
want
to
briefly
talk
about
this
a
little
bit,
so
every
training
is
regional,
has
a
regional
focus,
and
so
it's
in
las
vegas.
Now,
like
this
year,
the
focus
was
on
the
southwest,
and
so
we
talked
about
droughts.
We
talk
about
mega
droughts
a
lot,
so
we
got
a
lot
of
folks
from
nevada
and
california.
A
Yeah,
so
that
was
really
neat
and
then
a
little
bit
of
a
shout
out.
So
this
is
leah
on
the
main
stage
leading
a
mindfulness
exercise
for
everybody
and
then
an
additional
shout
out.
She
was
actually
picked
to
be
on
a
panel
with
mr
gore,
so
she
got
to
talk
about
environmental
justice
and
what
got
her
into
climate
advocacy
and
what
got
her
into
you
know
being
passionate
about
everything,
and
it
was
really
neat
and
likely
I
talked
about
earlier.
A
A
Okay,
have
we
had
any
new
people
join
us
in
the
last
few
minutes,
while
I've
been
talking,
if
you
have
please
introduce
yourself,
feel
free
to
go
off,
mute
and
say
hi
or
don't
that's,
okay,
all
right!
Well,
that
was
the
las
vegas
update.
Does
anybody
have
any
questions
before
I
pass
it
over
to
haley
for
the
land
acknowledgement.
F
Okay,
thank
you
richard
for
asking
me
to
do
the
indigenous
land
acknowledgement.
It
was
it's
actually
funny,
because,
a
week
ago,
I
kind
of
dived
into
my
own
family
history
and
I
went
into
my
indigenous
roots.
So
I
got
to
learn
a
lot
about
my
personal
history
and
then
richard
asked
me
to
do
this
and
I
was
like
that's
perfect
timing,
so
we
also
want
to
start
the
year
and
this
meeting
with
our
indigenous
land
acknowledgement,
which
is
now
available
on
our
chapter
website.
D
Yes
well,
thank
you
haley!
Thank
you
richard!
So
again
my
name
is
leah
and
in
all
of
the
meetings
of
the
chapter
we
start
with
our
community
ground
rules.
We
do
this
at
the
common
reality
training.
We
also
do
this
at
the
chapter,
so
just
very
quickly
make
space
or
take
space
and
whenever
you're
talking
just
be
mindful
of
the
time
you're
taking
two
minutes
is
the
rule
of
thumb.
D
Second,
speak
from
the
I
perspective.
Instead
of
using
we
use
our
well
see.
I
just
did
that
use
my
experience
and
I
perspective
the
third
one
practice
active
listening
and
seek
to
understand,
assume
good
intentions
and
respect
one
another
space
time
and
interest
be
willing
to
be
uncomfortable,
be
open
to
productive
discomfort
and
intent,
does
not
negate
impact
and
always
be
ready
to
apologize.
D
If
someone
told
you
that
hey
you
hurt
my
feelings
right
disagree
without
the
scored,
personal
attacks
and
labeling
have
no
place
in
our
chapter
and
lastly,
climate
as
all
the
social
issues
in
our
society
in
our
world.
There's
no
quick
fix
we're
here
in
a
long
process
to
support
each
other
so
accept
that
there
is
no
quick
fix
and
I
just
want
to
mention.
This
is
not
just
a
reminder
for
you.
This
is
also
a
reminder
for
myself.
I
just
you
just
saw
it
so.
C
B
Okay,
I
would
like
to
introduce
our
speaker
for
today.
Yet
kenny
shreko
is
policy
director
for
public
citizens,
climate
program,
where
he
advocates
for
financial
regulators
to
direct
companies,
banks,
money
managers
and
other
private
actors
to
better
identify
and
address
the
risks
related
to
the
climate
crisis.
B
E
Thank
you
richard,
it's
great
to
be
here
with
all
of
you.
I
probably
should
cut
down
my
bio
a
little
bit
as
he
reads.
I'm
like
this
is
too
long,
so
it's
it's
great
to
be
here
with
all
of
you.
I'm
gonna
talk
to
you
today
about
financial
regulation,
a
topic
that
probably
is
not
the
most
exciting
topic
on
a
saturday
morning,
but
I'll
try.
E
E
And
great
okay,
so
I'm
gonna
run
through
I'm
gonna
pause
for
questions
in
a
bunch
of
places
because
I
think
there's
probably
a
lot
of
different
things.
As
I
present,
I
won't
be
monitoring
the
chat,
but
if
you
all
could
flag
anything
that
pops
up
in
the
chat
I'm
happy
to
like
that
and
anyway,
climate
climate
and
financial
regulation
is
a
fairly
new
development.
A
E
E
What
should
money
managers
not
do,
but
it's
also
important
to
talk
about
the
investment
and
just
transition
needs
that
communities
have
and
there's
a
role
for
the
financials
there
as
well,
and
then
I'm
going
to
walk
you
through
three
case
studies
to
kind
of
make
it
real
what
financial
regulation
can
and
is
accomplishing
and
those
three
are
around
climate
risk,
supervision
and
I'll,
explain
what
that
means.
In
the
banking
regulators,
climate
risk
disclosure
and
the
securities
exchange
commission
and
then
funding
adaptation
via
the
community
reinvestment
act.
E
Well,
let's,
let's
talk
a
little
bit
about
basically
climate
change
and
financial
regulation,
I
don't
have
to
tell
you
all
that
the
climate
change
is
not
something.
That's
that's
in
the
future.
Unfortunately,
I
still
very
often
have
to
tell
financial
regulators
banks.
The
the
climate
crisis
is
already
here.
You
know
we're
seeing
100-year
floods
happening
every
few
years
now
we're
seeing
wildfires.
E
So
so
this
is
a
huge
thing
that
we
absolutely
need
the
federal
reserve
and
other
financial
regulators
to
think
about
we're,
starting
to
see
this
a
little
bit
now
janet
yellen.
Shortly
after
her,
her
confirmation
of
secretary
treasury
told
politico
that
climate
change
poses
an
existential
threat
to
financial
markets.
So
one
thing
we've
seen
one
big
win
is
that
the
biden
administration
has
started
to
acknowledge
this
as
a
threat
and
now
now
the
next
step
for
our
group
is
really
to
drive
action.
E
So
this
presentation
is
often
teed
up
more
for
financial
regulators,
so
I
think
I
probably
have
to
do
less
less,
to
explain
to
you
all
things
like
the
direct
physical
risks
of
climate
change,
flooding
fires,
but
I
may
I
may
spend
a
little
more
time
talking
about
what
we
call
transition
risk,
so
transition
risk
is,
is
basically
the
risk
to
the
financial
system.
If
we
do
what
we
need
to
do
right.
E
So
we
talk
about
transition
risk
as
basically
the
risk
to
those
companies
in
particular,
because
this
is
a
financial
regulation
set
up
we're
talking
about
the
risk
to
banks
and
other
financial
institutions
that
best
fund
this
production.
You
can
see
here
to
the
right
there's.
This
is
obviously
has
turned
around
a
little
bit,
which
is
the
trend
of
oil
and
gas
bankruptcies,
which
is
significantly
increased
up
into
2020,
they've,
obviously
gotten
a
bit
of
a
reprieve,
but
but
that's
not
going
to
last.
You
know
this.
E
This
is
from
a
group
called
carbon
tracker
initiative
and
to
put
a
little
more
point
on
that
financial
institutions
are
pumping
billions,
billions
of
dollars
into
fossil
fuels.
The
world's
60
biggest
banks
put
800
billion
dollars
into
fossil
fuel
finance
in
2019
that
came
down
in
2020,
it's
back
up
in
2021
and
I'm
sure
it'll
be
only
bigger
in
2022.
E
and
in
particular
on
the
right.
You
can
see
the
largest
u.s
banks
are
far
and
away
the
biggest
drivers
of
the
financial
of
this
investment.
Fossil
fuels
so
jp,
morgan,
chase,
city,
wells,
fargo
and
bank
of
america
are
the
top
four
and
like
a
massive
chunk
of
the
entire
total,
they
are
contributing
to
the
climate
crisis.
They
are
financing
fossil
fuels,
but
at
the
end
of
the
day,
these
banks
have
to
make
mortgage
loans.
They
have
to.
You
know,
continue
to
operate
in
all
other
sectors,
so
they're
showing
the
seeds
for
their
own
destruction.
E
So
one
thing
that
we
are
really
working
hard
on-
and
we
really
want
regulators
to
do-
is
to
recognize
this
fact
and
we
want
them
to
stop
banks
from
engaging
with
self-destructive
behavior.
For
those
of
you
who
remember
the
2008
financial
crisis,
it's
just
like
subprime
mortgages.
Banks
shouldn't
be
issuing
subprime
mortgages
because
it's
self-destructive
it
destroys
it's
going
to
destroy
the
financial
system,
it's
going
to
threaten
dozens
of
banks
and
our
whole
economy.
E
G
E
E
G
E
And
what
michael
is
referring
to
here
is
that
sec,
climate
disclosure
rule
and
also
a
separate
esg
couple
of
esg
fund
rules
that
came
out
last
month
so
moving
on,
and
then
there's
the
other
side
of
this
right,
which
is
who's
getting
harmed
and-
and
it's
not
not
a
surprise-
that
low-income
black
indigenous
and
other
people
follow
communities
are
the
ones
who
are
hit
first
and
worst
by
the
climate
crisis
drivers.
This
is
not
some
controversial.
Take
this
this
chart
on
the
right
is
from
the
fourth
national
climate
assessment.
E
These
are
just
people
who
are
going
to
be
the
most
impacted
by
flooding
by
the
air
pollution
by
heat.
So
all
of
this,
this
is
absolutely
going
to
continue
and
get
worse.
Banks
are
are
creating
these
this.
These
conditions
and
the
other
thing
is
these,
because
these
communities
often
exist
in
the
most
vulnerable
places
when
banks
manage
climate
risks,
so
it
might
say:
okay,
yeah,
there's
flooding
we
need
to.
We
need
to
cut
back
on
lending
and
prone
areas.
What
they
essentially
do
is
they
redirect
funding
away
from
these
communities?
E
And
that
can't
happen,
and
one
of
one
of
our
consistent
demands
of
regulators
is
that
they
make
sure
that
banks
do
not
disinvest
from
these
communities
at
high
climate
risk,
just
because
it's
climate
risk,
it's
essentially
a
neutral
fact
like
what
banks
call
neutral
factor.
That
is
tremendous,
disproportionate
racial
impacts
that
can't
happen,
and
that
indeed,
we
need
the
opposite,
which
is
we
need
banks
to
provide
additional
funding
and
climate
resilience.
E
So
just
this
will
just
really
quickly
lay
out
the
climate
crisis
is
going
to
have
tremendous
impact
on
affordable
housing
stock.
You
all
are
in
dallas,
I'm
sure
you
have
your
own
your
own
stories
I
live
in
dc.
I
spend
a
lot
of
time
in
new
york.
There's
a
neighborhood
in
new
york
city
called
the
hole
that
is
below
sea
level.
It's
essentially
in
a
pit,
and
I
was
I
was
driving
by
it
last
time.
E
I
was
in
new
york,
it
was
after
some
pretty
heavy
rain,
and
the
neighborhood
was
just
completely
flooded.
You
you
every
it's
low
income
housing
because
it's
susceptible
to
flooding
and
in
in
five
or
ten
years,
it's
very
possible
that
if
flooding
gets
worse
in
new
york,
that
neighborhood
would
be
uninhabitable
and
that's
just
affordablehousings.com,
and
so
you
can
see.
New
york
is
a
state,
that's
like
among
the
most
flood
throne
in
terms
of
coastal
flooding
risk.
E
So
there's
a
lot
of
work
going
on.
I,
I
am
not
directly
participating
in
this.
I
support
a
lot
of
this
work
and
you
all
may
be
doing
some
of
this,
but
there's
a
lot
of
direct
action.
Work
being
done
to
block
these
kinds
of
projects,
so
these
are.
These
are
pictures
from
demonstrations
to
try
to
stop
line
three,
which
is
an
oil
pipeline,
a
oil
gas
pipeline
running
through
minnesota
through
indigenous
land
and
violation
of
treaty
rights,
one
to
shut
down
line,
five,
which
is
another
pipeline
running.
E
Okay.
So
now
I'm
going
to
pivot
into
the
tools
available
to
regulators
and
the
the
first
tool
we'll
talk
about
is
a
tool
called
supervision,
supervision
and-
and
I
just
put
out
a
white
paper
on
this
as
well
and
I'll
happy
to
send
that
around
later.
If
there's
interest
but
supervision
is,
has
a
bunch
of
different
tools,
but
it's
essentially
oversight
of
banks
and
it's
requiring
them
to
report
their
risk.
It's
providing
them
with
some
guidance
and
I'll
talk
a
little
bit
more
about
what
that
means.
E
Regulatory
comments
on
are
proposed:
principles
for
climate
risk
supervision
by
two
agencies:
the
office
of
the
comptroller,
the
currency,
the
occ
and
the
federal
deposit
insurance
committee
corporation,
the
fdic
for
both
overseas
banks.
So
what's
bank
supervision,
bank
supervision
is
essentially
a
confidential
review
of
bank
books
and
records.
So
a
group
of
examiners
who
are
trained
in
in
bank
operations
will
go
and
look
at
what
a
bank's
policies
and
procedures
are.
So
every
bank
has
a
whole
bunch
of
different
requirements
for
how
they
operate
as
well
as
looking
at
their
loan
portfolio.
E
So
looking
saying,
hey
loans,
these
kinds
of
businesses,
these
places.
How
likely
are
these
these
loans
to
default
and
the
goal
is
to
essentially
make
sure
the
banks
operate
in
what
is
called
a
quote,
unquote,
safe
and
sound
matter,
essentially
that
they
are
unlikely
to
go
broke
in
the
way
that
we
saw
in
the
2008
financial
crisis,
because
at
the
end
of
the
day,
as
as
you
may
know,
banks
hold
deposits
and
if
a
bank
goes
broke,
the
federal
government
is
on
the
hook
for
a
large
chunk
of
those
deposits.
E
E
E
One
thing
that's
interesting
is
that
the
guidance
documents
are
not
themselves
legally
binding,
but
banks
tend
to
treat
them
very
much
as
legally
binding,
because
they're
concerned
that
the
examiners
can
provide
quite
a
lot
of
pressure
on
them.
You'll.
Remember
that
I
said
that
it's
confidential
and
banks
like
to
keep
as
long
as
banks
do
what
the
supervisors
tell
them.
They
keep
it
confidential
if
they
don't,
if
they
refuse
to
comply
or
they
they
can't
comply.
Then
it's
possible
for
the
regulators
to
bring
enforcement
actions.
The
enforcement
actions
are
public.
E
It's
bad
for
the
bank's
reputation.
It
potentially
costs
the
money,
so
they'll
tend
to
as
long
as
the
regulators
are
not
sort
of
pushing
them
to
do
something.
That's
totally
out
of
bounds.
They'll
tend
to
comply
with
supervisory
guidance.
Even
if
it's
not
legally
there's
a
lot
of
different
supervisors.
E
You've
heard
of
the
federal
reserve's
monetary
policy
role,
you
can
see
jerome
powell's
in
the
news
all
the
time
right
now
on
the
left.
They
also
have
a
big
bank
supervision
role
and
the
two
other
main
regulators
are
the
office
of
control
of
the
currency,
the
third
deposit
insurance
corporation
and
each
state
has
has
its
own
role.
E
So
the
occ
and
the
fdic
proposed
principles
for
bank
supervision
in
this
year.
Well,
the
ocs
were
presented
trying
to
run.
They
apply
only
to
the
largest
banks
banks
with
over
100
billion
dollars
assets,
so
that'll
tend
to
be
very,
very
large
banks,
obviously
like
japan
and
chase,
but
also
bigger
regional
banks.
So
I
should
have
looked
up
what
the
largest
banks
based
in
texas
are
and
who
they're
covered
by,
but
there
are
usually
some
large
large
regional
banks
that
that
you
you're
familiar
with
more
covered
by
this.
E
E
They
also
recognize
that
these
risks
are
different,
as
you
all
know,
they're
highly
uncertain,
in
how
they'll
manifest
they're
complex
and
they'll
manifest
over
potentially
along
that
horizon,
and
so
the
the
guidance
tells
the
banks
they
need
to
incorporate
climate
risk
into
their
whole
business.
So
it
can't
be
like
some
sustainability
officer
somewhere.
They
need
to
be.
They
need
to
look
at
the
way
that
they
train
and
the
responsibilities
they
assign.
So
everyone
needs
to
have
time
dealing
with
climate
risk
as
part
of
their
portfolio.
E
They
need
to
set
metrics
that
allow
them
to
assess
climate
risk.
You
know,
percent
of
their
portfolio,
that's
at
risk
from
flooding
exposure
to
transition
risk
like
fossil
fuels.
What
happens
if
there's
a
carbon
tax?
Those
kinds
of
things
are
things
that
we
have
encouraged
the
banks
to
to
look
at
the
the
the
rather
the
guidance
of
first
banks.
E
We
generally
told
the
occ.
This
is
good.
This
is
a
good
important
first
step,
but
we
think
there's
more,
you
could
do
the
first
thing
that
we
really
called
on
them
to
do
is
paying
attention
to
equity.
So
one
thing
we
mentioned
is
you
know
that
the
banks
are
about
100
billion
dollars
more,
but
small
banks
face
climate
risk
too.
In
fact,
in
some
ways
they
face
more,
so
you
can
imagine
a
bank
that's
based
entirely
in
houston.
E
Does
all
of
its
lending
in
houston
and
public
citizen
has
a
presence
around
each
of
the
texas
states.
Texas,
major
texas
cities
as
well,
but
one
that's
bank
based
in
houston,
has
like
tremendous
coastal
flooding
risk
it's
very
hard
for
them
to
diversify
that
away.
You
all
are
also
in
texas,
so
bank,
that's
in
west
texas,
that
does
a
lot
of
oil
patch
lending
is
going
to
have
a
lot
of
risk
that
it
struggles
to
diverse
by
way
too.
E
So
that's,
I
think,
I
think,
where
we've
really
seen
it
work,
we've
also
like
them
to
take
uncertainty
seriously,
there's
a
real
tendency
among
both
banks
and
regulators
to
say.
Well,
we
can't
really
model
this
risk,
so
we're
not
going
to
deal
with
it.
That's
that's
the
backwards
approach.
They
should
be
taking
what
we
call
a
precautionary
approach.
So
if
you
don't
understand
the
risk,
you
shouldn't
take
the
risk.
E
Not
if
you
don't
understand
the
risk,
you
should
ignore
the
rest,
especially
when
that
risk
might
be
decades
in
the
future,
but
lock
in
today,
and
the
last
thing
we
talk
about
is
really
not
letting
banks
screen
wash
a
lot
of
major
banks
have
made
climate
commitments.
They
say
we're
going
to
absolutely
get
to
net
zero
in
2050.
E
Just
don't
ask
us
so
we've
said
no!
No,
no
and
the
regulators
say:
okay,
you
know.
If
you
make
a
climbing
commitment,
you
need
to
actually
like
show
that
you're
gonna
follow
it
and
say:
okay,
what
that
means
is
you
know
you
can't
just
say
we're
gonna
we're
gonna.
Do
a
bunch
of
carbon
offsets?
How
oh
I
don't
want
to
talk
about
it
or
carbon
capture.
Well,
that
technology
doesn't
really
exist,
so
are,
are
you?
Are
you
really
gonna
rely
on
carbon
capture
as
opposed
to
reducing
missions
and
setting
intermediate
goals
and
targets?
E
B
E
Oh,
that's
good.
I
I
do
not
give
this
presentation
a
financial
institution,
so
public
citizen
is
a
fairly
like
well.
How
do
I
characterize
this?
We're
aggressive,
we're
generally
not
considered
a
friend
by
banks,
and
so
they
don't,
as
a
rule,
talk
to
us
I'll
say
that
financial
institutions,
broadly
many
of
our
allies,
give
similar
presentations.
E
So
we
work
with
a
group
called
series
that
works
closely
with
banks
and
they're
great
and
they
just
take
a
different
posture
and-
and
I
think
their
view
is
that
banks
will
generally
say
yeah.
We
we
accept
that
this
is
sort
of
a
risk
we
accept.
We
need
to
deal
with
it,
but
what
they'll
say
is
a
few
things
one.
They
say
every
banks,
every
bank
is
different,
so
I
think
you
we
need.
E
We
need
a
lot
of
flexibility,
we
don't
we
don't
want
a
lot
of
oversight
or,
of
course
we
don't
want
a
lot
of
rules
because
we're
going
to
deal
with
it
in
our
own
business
in
our
separate
way.
Another
thing
they'll
tend
to
say
is
that
we
can.
We
can
diversify
this
risk.
So
you
know,
especially
a
big
bank,
will
say,
look
we're
huge.
Yes,
there'll
be
coastal
flooding
here
and
there
we
can
get
insurance.
We
can.
We
can
make
other
kinds
of
loans.
E
My
view
on
that
is
that
that's
extremely
wishful
thinking.
Climate
change
is
not
it's
not
just
like
the
kind
of
risk
you
absolutely
can't
diversify,
because
it
hits
everywhere
all
at
once,
and
it's
really
really
hard
to
say:
okay
when
and
where
and
how
we're
going
to
deal
with
that
and
then
the
third
thing
that
they'll
say
is
that
one
thing
I
mentioned,
which
is
it's
just
very
uncertain:
it's
just
very
hard
to
model
we're
working
on
it,
we're
building
better
models,
but
right
now
we
don't
wanna.
E
We
can't
really
model
the
risk,
so
we
shouldn't
have
to
deal
with
that
and
again
that's
why,
where
our
advocacy
for
precautionary
prescription
there's
very
very
few
banks
that
accept
any
of
our
arguments,
we're
continuing
to
work
on
it.
But
one
of
the
reasons
we
want
to
put
the
regulatory
pressure
on
is
because
the
banks
are
much
more
likely
those
regulators
than
they
are
to
be.
E
Great
move
on
to
the
next
piece,
so
the
the
first
part
we
call
sort
of
banking
regulation
supervision.
The
second
part
is
something
we
call
market
regulation,
and
so,
when
I
say
market,
what
I
mean
is
capital
markets,
but
you
probably
know
them
better
as
basically
the
stock
market,
the
bond
market
and
then
a
few
more
esoteric
markets,
but
but
mostly
we'll
focus
on
the
stock
market.
E
Here
and-
and
these
are
rules
for
how
companies
that
engage
in
the
raise
money
in
the
stock
market
or
that
try
to
get
you
to
give
them
their
money
to
invest
in
the
stock
market
have
to
act.
So
there's
a
lot
of
different
things.
One
is
you
participate
in
the
stock
market?
You
have
to
disclose
your
risks,
so
we
want
those
to
include
climate
risks.
E
E
So
we
want
to
make
sure
that
fiduciaries
are
able
to
permit
or
require,
are
even
required
to
consider
esg
factor.
So
esg
is
environmental,
social
governance
factors
in
particular,
I'm
interested
in
climate
by
working
coalition
with
groups
that
care
about
a
lot
of
other
factors,
and
then
the
last
thing
is
green
branding.
So
you
may
have
seen
that
there's
like
a
real
proliferation
of
esg
funds
that
you
can
invest
in,
maybe
even
in
your
own
401ks
or
green
funds,
but
there's
very
little
regulation
right
now.
E
E
When
people
talk
about
sustainability
and
the
example
I'm
going
to
give
is
the
sec's
climate
risk
disclosure
rule
this
one's
near
and
dear
to
my
heart,
my
organization,
with
a
bunch
of
others,
just
submitted
a
175
page
comment:
the
fcc
yesterday,
because
the
comment
period
had
closed
and
so
we're
gonna
we've
been
pushing
a
lot
on
the
sc
for
what
to
do
so.
What
are
market
rules,
the
rules
that
give
capital
markets
so
like
the
stock
markets
decision,
useful
information
and
advice
on
investments,
so
it's
essential
information
about
making
informed
decisions.
E
It
helps
market
participants,
have
the
power
to
act
on
that
information.
So
if
you
want
to
change
your
investments,
you
need
to
have
information
and
you
you
want
to
be
able
to
have
change
your
investments,
ensure
the
marketplace
have
the
duty
to
act
based
on
that
information.
So
this
is
more
what
I
talk
about.
E
People
run
pension
plans,
people
run
401ks,
they
have
this
fiduciary
duty
to
act,
and
so,
if
they
see
that
they
have
climate
change
risk,
they
need
to
take
it
into
account
and
then
we
need
to
hold
market
participants
accountable
for
their
actions.
So,
at
the
end
of
the
day,
if
you
have
to
disclose
climate
risk
information,
but
the
scc
won't
enforce
it,
nobody
asks
any
questions.
It
won't
matter.
E
If
the
question
is,
if
the
information
is
actually
being
disposed
or
not,
so
we
want
to
make
sure,
there's
accountability,
so
the
sec
put
out
this
primary
disclosure
rule.
It's
been
a
very
long
and
very
carefully
thought
out
process.
They
have
put
tremendous
effort
into
this.
In
march
of
2021,
they
put
out
a
request
for
information
on
climate
risk
disclosure
they've.
What
they've
said
is
we've
been
seeing
tremendous
demand
for
climate
change,
information
from
investors,
we've
seen
a
lot
of
statements
by
investors
that
they're
not
getting
enough
information
right
now.
E
A
group
of
us
sent
a
comment
even
back
in
june
2021,
laying
out
the
importance
of
this
primary
disclosure,
a
lot
of
things
I
said
to
you
just
now
and
in
march
2022
about
a
year
after
the
request
for
inspiration,
went
out
issue
released
a
proposed
rule.
It's
a
long,
detailed
rule
I'll
talk
through
some
of
the
the
stuff
in
it
and
and
just
now,
just
yesterday
we
sent
to
the
coalition
comment.
The
coalition
comment
largely
praises
the
rule.
E
It's
a
very
good
rule.
It
does
a
lot
of
what
needs
to
be
done.
We
had
a
few
suggestions
for
how
to
strengthen
it,
mostly
around
more
robust
disclosure
of
remissions
and
better
verification,
as
well
as
more
robust
disclosure
of
community
impact,
so
impacts
on
indigenous
rights,
impacts
on
communities
of
color
and
impacts
on
environmental
justice
right
now,
the
common
disclosure
system
is
very,
very
unreliable
and
costly,
and
this
is
an
opportunity
for
investors
to
understand
more
about
the
financial
risks
related
to
climate
change.
E
There's
a
whole
bunch
of
different
standard
centers
today,
but
almost
none
of
them
really
are
providing
what
investors
need
so
right
now
you
can
think
about
the
the
way
that
companies
get
information.
Is
they
get
put
out
these
green,
wash
sustainability
reports,
so
exxon
mobil
will
say
we're
doing
great
we're
doing
great
on
climate.
We
have
all
this.
You
know
we're
we're
going
to
be
net
zero
by
2050
and
we're
getting
all
these
amazing.
E
You
know
carbon
capture
plans
and
we're
building
green
hydrogen
and
all
this
other
stuff
and,
like
you
know,
maybe
there's
some
some
kernel
of
truth,
but
it's
all
marketings.
What
we
want
is
that
information
put
into
sec
filings
when
you
file
something
with
the
sec.
You
say
it
cannot
be
misleading.
You
have
to
write
all
the
information,
that's
relevant,
avoid
misleading
an
investor
and
you
have
to
do
it
and
it's
under
penalty
of
you
know
civil
liability.
You
can
get
sued
by
the
sec
being
sued
by
private
investors.
E
E
E
So
if
a
company
gets
their
electricity
from
solar
versus
from
coal,
develop
different
emissions,
different
impacts
and
scope,
3
emissions,
which
are
the
emissions
throughout
the
value
chain,
which
is
the
emissions
that
happen,
customers
are
using
your
product
to
admit
if
your
supplier
is
admitted
a
lot
that
is
currently
only
required
if
material.
So,
to
give
you
an
example
of
what
scope
3
emissions
are
it's
most
directly.
E
If
you're
an
oil
company
companies
buy
your
oil
and
burn
it,
those
are
not
scope,
1
or
scope,
2
emissions,
those
are
not
direct
emissions
attributable
to
an
oil
company
they're
emissions
attributable
to
what's
called
a
scope,
3
or
value
change.
Now.
The
reason
this
is
an
issue
is
because
a
lot
of
oil
companies
will
make
a
claim
saying
we're
going
to
be
net
zero
by
2050.,
we're
not
going
to
admit
anything
by
2050..
They
also
are
not
saying
that
they're
going
to
stop
selling
oil
by
20..
E
E
It's
someone
else's
problem,
we
don't
take.
We
don't
account
for
the
rule
will
prevent
them
from
doing
that,
especially
if
all
all
companies
are
required
as
we
to
disclose
these
emissions.
As
we've
asked
the
sdc
internal
carbon
prices
that
some
companies
are
using,
even
if
that
information
hasn't
previously
been
public.
So
again
I'll
come
back
to
fossil
fuel
companies.
Puzzle
companies
are
you
know,
setting
their
whole
valuation
is
based
on
what
they
expect.
Oil
will
be
worth
the
future
and
what
they
expect.
Carbon
will
cost
in
the
future.
E
If,
if
they
are
setting
like
we
expect,
a
carbon
price
will
be
there
never
be
a
carbon
tax
anywhere
that
that's
a
very
different
valuation
from
if
they
think
that
there's
going
to
be
a
50,
a
ton,
carbon
tax
or
100
carbon
tax,
they
don't
have
to
disclose
that
right
now.
If
now
they
will,
if
they're
using
it
and
if
they're,
not
if
they
don't
have
one.
The
hub
just
goes
out
as
well.
E
They'll
have
to
disclose
whether
they
have
board
positions
or
committees
to
assess
climate
change,
risks
which
you
can
think
of
as
basically
a
proxy
for
whether
the
company
actually
is
taking
climate
change
seriously
same
with
management
positions
or
committees.
You
know,
if
the
company
says
look,
we
don't
have
anybody,
but
we
don't
think
we
have
any
climate
risk.
E
So
that's
sort
of
the
big
thing
that
just
passed
through.
We
think
it's
going
to
be
transformational
for
markets.
Once
it's
adopted,
there's
there's
again
it's
going
to
be
a
little
while
the
fc
will
now
take
in
all
the
thousands
of
comments
it
received.
100,
thousands
and
thousands
of
pages,
they'll
review
those
comments
and
it'll
come
out
with
final
rule.
That
will,
you
know,
take
into
account
the
comments
and
then
actually
start
requiring
disclosure.
E
So
I
think
we
would
expect
to
see
first
disclosures
in
2023
or
2024.,
so
some
other
things
that
are
happening
with
the
marketplace
stuff,
the
sec
rules
for
esg
investment
fund
naming
so
right.
Now,
if
you
want
to
be
an
esd
fund,
you
say
I'm
in
esg
funds.
People
give
you
money,
you
don't
actually
have
to
do
anything.
E
E
Again,
we
talked
about
to
take
to
be
allowed
at
a
minimum
to
take
climate
risk
into
account
and
ideally
even
required
to
take
climate
risk
into
account,
as
they
think
about
and
other
esg
factors,
because
that's
part
of
you
know
a
good
investment
strategy
so
again
long
long,
section
tucked
a
lot.
I
want
to
pause
here
for
questions.
F
You
know
the
number
one
finance
for
fossil
fuels,
as
you
mentioned
earlier
in
your
presentation
you
know,
and
at
cop
26
we
did
see.
You
know
this
huge
commitment,
at
least
in
theory,
who
knows
that
they
can
be
enforced
to
sustainable
finance.
You
know
to
increase
the
100
billion
dollar
commitment
that
hasn't
been
funded
to
the
trillions
that
are
going
to
be
needed.
F
So
I'm
just
wondering
the
the
basic
question
is:
how
serious
do
you
think,
as
I
do
that
there
is
some
authentic
movement,
because
the
risks
are
on
you
know
physical
and
transition
are
undoubtedly
there.
But
to
what
extent
are
they
really
taking
this
seriously
and
then
the
quarterly
or
subsidiary
question
is
you
know?
How
has
the
ukraine
war
and
the
the
fossil
fuel
resurgence
change
that
because
they
are
just
legally
seizing
those
opportunities,
especially
for
natural
gas
as
a
bridge
fuel
which,
let's
be
clear,
does
have
in
the
minds
of
most
elites
globally?
F
Now,
not
just
the
industry
but
government
policy
makers
in
europe
and
the
us
they're
much
more
amenable
to
that.
You
know
that
that
path
toward
transition-
and
so
you
know,
they're,
really
balancing
between
the
need
to
address
climate
change
in
one
hand
and
the
need
to
address
energy
security
in
developing
countries
and
even
in
places
like
europe.
You
know,
germany,
the
us
et
cetera,
so
just
those
two
questions
how
sincere,
how
authentic
and
then
you
know,
are
we
at
risk
now
of
not
meeting?
E
I
think
this
bill
is
overstating
a
little
bit,
but
so
I'll
say
it's
a
good
question.
I
think
the
two
questions
actually
are
are
very
much
fit
together,
which
is
the
sincerity
and
authenticity.
I
I
think
larry
pink
thinks.
Climate
change
is
real.
Jamie
dimon
thinks
climate
change
is
real.
I
I
think
they
probably
don't
quite
grasp,
as
many
people,
unfortunately,
don't
put
the
severity
of
the
impacts
and
how
much
it's
happening
today,
and
I
think
that
they're
probably
being
a
little
naive
about,
I
think
they
have
a.
E
But
I
think
that
and
that's
one
point,
but
I
think
a
broader
point
is
that,
like
they're,
authentic
but
they're,
also
people
who
balance
a
lot
of
different
things
and
and
the
level
of
authenticity
and
sincerity
like
how
much
that
translates
into
actual
action
is,
is
driven
by
a
lot
of
external
factors.
And
that's
that's
a
lot
of
this
work.
When
I,
when
I
really
like,
stop
and
think
like
what
is
the
impact
of
this
climate
financial
regulation
work,
it's
creating
a
push.
Another
push
factor
on
these
people.
E
E
The
insurance
company
recently
came
out
with
the
best
net
zero
commitment
of
any
us
chart
like
real,
meaningful
targets,
real
real
commitments.
After
being
one
of
the
worst
like
the
biggest
lager
and
there's
a
current
active
public
citizen
campaign
to
drive
aig
to
do
to
do
exactly
what
they
did
and
also
there's
been
aig
is
headquartered.
New
york
has
a
lot
of
new
york
regulation.
E
New
york's
department
of
financial
services
is
the
leading
regulator
on
climate
risk
and
has
said
things
like,
and
that
zero
transition
plan
is
a
really
useful
tool
for
managing
climate
change,
and
so
to
me,
I'm
quite
confident
that
aig
would
not
have
come
out
with
these
commitments.
If
it
hadn't
been
for
these
two
points
of
pressure.
Do
I
think
that
that
means
that
those
are
the
only
two
causes
now
I
think
probably
aig
has
been
having
these
discussions
internally.
Right.
Larry,
I
think,
is
one
person.
E
Black
rock
is
a
huge
huge
place
with
a
lot
of
different
power.
Centers
everything
is
managing
those
power
centers
same
with
chase
and
and
all
these
conversations
are
happening
and
the
people
in
the
banks
want
to
go
farther.
There's
always
people
who
want
to
go
farther
and
there's
always
that
they're
being
empowered
by
the
these
sorts
of
things,
and
so
there's
like
a
constant
battle
to
like
surface
this,
and
then
you
have
exactly,
as
you
put
your
finger
on
it,
sort
of
like
a
pushback
wave,
which
is
okay.
E
Now
natural
gas
prices,
gas
prices
have
spiked,
energy
prices
are
high.
Now
now
people
are
kind
of
like
okay.
We
need
to
put
climate
change
on
the
fact,
because
inflation
is
the
real
issue
and-
and
I
think
it's
again
at
the
it's
incumbent
on
activists
on
regulators
on
everyone
to
start
saying
no,
no
like
this
is.
This
is
a
very
short
term
instead
of
thinking.
What
we
actually
need
to
do
is
be
investing
like
you're.
Not
drilling
more
is
not
going
to
change
all
prices
this
year
anyway.
E
E
So
that's
that's
a
serious,
serious
problem
in
this
building
and
unfortunately,
there
was
just
reporting
in
bloomberg
saying
that
that's
this
lot
of
the
gun
version
of
that
law
has
cost
texas
municipalities,
hundreds
of
millions
of
dollars
by
raising
their
cost
of
financial
services.
So
that's
sort
of
like
a
real
real
like
dollars
and
cents
issue,
but
one
that
we're
we're
monitoring
it
and
preparing
to
push
back
on
as
it
emerges
all
right,
we've
been
very
banks.
Don't
do
this,
so
so
what
do
we
want?
E
E
So
when
banks
had
previously
denied
credit
to
communities
would
just
take
in
their
deposits
and
invest
the
money
elsewhere,
this
requires
banks
to
put
the
money
back
into
low
and
medium
income
communities.
There
are
tests
about
lending
and
services
provided,
but
it's
a
lot
that
was
written
in
the
70s
and
there
are.
There
are
challenges
that
have
developed
since
then.
E
One
of
them
is
that
it's
based
around
branches
thanks
greasy,
don't
have
branches,
there's
a
census
tract
analysis.
So
if
you
can
imagine
the
substrate
is
a
fairly
large
area.
You
oftentimes
there's
lending
to
the
rich.
You
know
if
it's
a
gentrifying
census
tract
the
lending
will
be
to
the
neighborhoods
that
are
gentrifying
and
not
to
the
neighborhoods
that
really
feed
the
investment
and
fintech
is
becoming
in
a
bigger
and
bigger
part
of
the
london
ecosystem
and
fintech
lenders,
because
they're,
not
banks
are
not
covered
by
the
community.
E
E
So
I
talked
about
this
a
little
bit
fun
directing
community
funds
into
climate
resilience,
adaptation,
just
transition,
trending
withdrawal,
and
one
thing
that
unfortunately,
we
have
not
seen
in
the
in
the
new
rule-
is
that
it's
not
it's.
It's
race
is
not
written
into
the
community
reinvestment
act.
Our
view
is
that
there
is
an
opportunity
to
push
it
into
the
into
the
act,
but
the
regulators
are
more
conservative
and
they
haven't
done
that.
So
it
may
be
that
this
is
something
that
needs
a
legislative
push
at
the
end
of
the
day.
E
But
for
right
now
we're
focused
on
making
sure
that
the
rule
is
as
good
as
it
can
be,
and
that
is
my
presentation.
Thank
you.
Thank
you
for
your
time.
I'm
super
happy
to
take
questions
now
super
happy
to
take
questions
at
my
contacts
later.
If
you
want
to
send
me
an
email,
however,
however,
you
all
are
feeling.
B
Fantastic
presentation
yet
guinea
and
we
probably
have
time
for
one
question:
if
if
anybody
has
one
and
then
we
need
to
move
on,
but
a
wonderful
presentation
on
a
critically
important
topic
that
we're
all
very
interested
in,
we
did
participate
in
a
sort
of
demonstration
at
the
federal
reserve
bank
of
dallas
last
fall
winter
and
we
try
and
do
our
little
bit
as
well.
That's
great.
G
E
G
G
G
E
No,
I
agree
I
mean,
and,
and
that's
that's
right
like
the
rule
is
the
law
is
not
written
as
well
as
one
would
hope.
It's
not
driving
the
investment
that
needs
to
drive.
I
it's
just
like,
as
you
can,
as
you
all
know,
it's
impossible
to
pass
anything
through
congress
right
now,
so
we
we
do
the
best
we
can
with
the
law.
We
have
and
hopefully
try
to
make
it
better.
And
one
thing
that's
good
is,
I
think
the
regulators,
like
the
current
set,
do
recognize
the
challenges
with
the
law
and
are
trying.
F
B
F
E
Yeah,
it's
a
great
question.
I
think
I
think
the
two
things
that
the
one
thing
that
I
usually
tell
people-
and
maybe
this
less
effective
texas-
is
to
ask
people
to
ask
talk
to
them
and
ask
whether
you
think
it's
good
for
your
bank
who's
supposed
to
be
sort
of
like
a
long-term,
like
safe,
safe
institution,
to
be
financing
climate
change
and
to
be
creating
like
these
destructive
conditions
for
the
economy
in
in
texas.
E
I
think
that's
probably
a
little
harder,
as
you
say,
because
of
oil
and
gas,
but
I
still
think
that
it's
worth
asking
thinking
about
like
how
are
they
supporting
communities?
How
is
your
bank
supporting
communities
that
are
being
impacted
by
climate
change?
Texas
is
going
to
be
hit
as
hard
as
any
state
buy
it,
and
also
maybe
tying
in
some
of
the
grid.
Reliability.
Questions
that
you're
really
seeing.
D
Well,
I
think
john
actually
asked
my
question
john.
Can
you
put
yourself
a
mute?
Thank
you
so
much
for
the
presentation.
I
guess
you
know
from
a
chapter
perspective,
because
our
chapter
is
really
grassroots,
so
other
than
talking
to
people
one-on-one
like
what
can
we
do
at
the
chapter?
That's
actually
you
know
organizing
around
this
issue.
E
I
should
put
you
in
touch
with
one
of
our
campaigners,
so
who
do
much
more
of
the
the
work
there
I
they
would
be
happy
to
talk
to
you,
but
a
lot
of
what
we
do
is
sort
of.
We
do
actions
at
bank
headquarters
at
bank
branches.
They
do
all
kinds
of
fun
fun
stuff
around
the
stop-to-money
pipeline
coalition,
which
we're
part
of
does
a
lot
of
really
interesting
sort
of
like
online
actions.
E
We
like
to
do
a
lot
of
twitter
trolling,
but
also
just
like
in
person
like
show
up
to
a
branch
drop,
a
drop
of
banner.
That
kind
of
thing
to
highlight
this
issue
same
point
around
like
get
getting
the
people
in
the
bank
who
want
to
support
you'd,
be
like
look,
there's
real
pressure
for
this.
We
should
do
this.
B
G
Okay,
very
good,
hey
everybody
good
to
see
everybody,
and
so
I'm
michael
martin,
and
just
for
those
who
don't
know
me,
I'm
I'm
in
the
solar
business
so
hence
the
reason
I
would
like
to
share
a
bit
this
morning
on
this
topic.
So
that's
where
I
spend
you
know
a
lot
of
my
life
and
I've
been
a
chapter
member
since
2017
and
it's
really
great
to
have
the
tea
up
of
the
presentation.
G
We
just
heard
yeah
it's
fantastic
from
evgeny
and
I
think
there's
going
to
be
a
lot
of
growth
in
that
area
and
maybe
there'll
be
things
we
can
actually
figure
out
what
to
do
with.
You
know
in
that
area
in
terms
of
impact
and
action
here
in
our
chapter
and
and
I'll
make
a
tie-in
or
two
to
the
to
what
he
said
in
just
a
minute.
But
what
I
want
to
do
is
this
is
real
informal.
G
Let
me
take
about
five
minutes
to
run
through
some
ideas
and
some
information
for
y'all,
and
then
let's
have
a
conversation,
because
what
I'd
like
to
see
is
if
we
can
figure
out
in
this
15
minutes,
what
could
we
do?
That
would
enable
our
chapter
to
take
action
and
action
that
could
make
a
difference.
So
I
think
that's
what
we're
all
about,
and
in
particular
that
would
be
supportive
of
dallas's
ccap.
G
But
let's
we've
got
to
keep
in
mind
that
the
big
opportunity
here
to
make
impact
on
the
climate
crisis
and
the
health
of
our
region
is
due
to
all
of
us
and
in
the
private
sector,
less
about
what
the
city
does
itself.
But
the
city
has
a
very
important
role
because
of
their
megaphone
and
their
ability
to
reach
everybody.
So
I'll
I'll
I'll
tie
that
in
here
and
let's
face
it,
industry
has
largely
created
the
climate
crisis.
G
Not
you
know
our
cities
and
city
governments
right
so
that,
hence
my
desire
to
speak
here
a
minute
about
the
commercial
business
solar
market
opportunity-
and
we
talked
a
little
bit
this
about
this
back
in.
I
think
the
february
chapter
meeting,
where
at
that
time
there
was
a
recent
report
just
put
out
by
the
environment,
texas
group
that
was
called
solar
on
superstores.
As
you
all
may
recall,
if
you
were
involved
in
that
meeting
or
seen
anything
that's
been
around.
G
So
the
idea
is
that
big
buildings
running
on
clean
energy
that
can
have
big
impact
and
that's
a
big
deal,
and
it
has
a
lot
more
impact
on
my
home
or
any
one
of
your
homes.
So
we've
got
a.
I
would
submit
that
attacking
the
bigger
opportunities
will
have
bigger
impact
and
hence
it's
a
good
place
to
focus
one
other
thing:
that's
just
come
out
from
environment.
Texas
is
another
report
called
shining
cities
2022
where
they
rate
the
cities
around
the
us
and
who's
done.
G
What
with
solar
and
per
capita
dallas
is
41.
houston's
40.
san
antonio
is
six
and
austin
is
20
per
capita,
so
we're
barely
showing
up
we're
at
41.
So
hopefully
the
dallas
competitive
spirit
will
kick
in
here
as
well
that
that's
a
bad
position
within
our
own
state
when
we're
we're.
Basically
last
so,
and
the
other
thing
I
wanted
to
say
about
putting
solar
on
the
rooftops
of
big
buildings,
is
the
economics
work?
G
The
brand
value
is
very
big
and
that
also
ties
in
apart
there's
numerous
times
where
evgeny
just
referred
to
the
brand
value
and
what
it
means
to
a
company's
reputation.
So
these
things
these
things
are
becoming
more
interesting.
I
think,
and
the
other
thing
that
a
reason
I
mentioned
the
economics
work
and
the
brand
value
is
good
is,
is
because
the
biggest
companies
in
the
world
already
proving
that
solar
on
their
businesses
on
their
properties
makes
sense
like
amazon
and
walmart,
and
people
like
that.
So
anybody
that
tells
you
gee
it
just
doesn't
pencil.
G
I
hate
that
expression
or
just
the
economics,
don't
work
they're
just
wrong,
so
know
that
it
absolutely
works,
because
these
are
public
companies
that
are
doing
this
at
a
huge
scale
on
a
multi
tens
of
billions
of
dollar
level
around
the
world.
So
they're
doing
it
because
it's
smart.
So
we
need
to
bring
that
down
to
you
know
the
dfw
area,
where
we
don't
have
a
lot
of
that
happening
yet.
G
They
did
it
because
investors
now
are
saying
hey.
Are
you
running?
What
are
you
doing
about
the
e
and
esg,
like
you
know,
taking
care
of
buildings
with
clean
energy
and
tenants,
starting
to
say,
we
would
like
to
occupy
buildings
that
are
powered
by
clean
energy,
so
big
companies
are
starting
to
respond,
so
the
money
availability
and
the
money
having
esg
investment
kept
aspects
to
it.
Influenced
trammel
crow,
slash
cbre,
to
make
this
big
decision.
So
that's
a
huge
deal,
the
dallas
company.
G
Now
we
got
to
see
what
they're
going
to
do
and-
and
that's
something
we
can
also
talk
about-
is
what
is
their
plan
and
will
they
focus
some
of
that
investment
on
some
projects
and
buildings
here
in
the
dfw
area,
not
just
in
other
parts
of
the
u.s?
So
we
don't
know
that
yet
so
and
I'm
gonna
get
to
what
we
can
do
here
in
just
a
minute.
The
other
thing
I
just
wanted
to
share.
That's
even
got
you
know.
G
All
of
this
is
good
for
environmental
justice,
because
it's
you
know
it's
that
scope,
2
aspect
of
emissions
that
was
in
the
previous
presentation
about.
If
you
power
your
building
your
home
with
dirty
power,
then
it's
that
scope
to
emissions
thing.
So
that's
why
deploying
solar
on
on
buildings
really
matters?
G
Zero
pollution,
reliable
power
in
these
neighborhoods
is,
is
kind
of
behind
this.
The
mission
behind
what
we're
trying
to
do
here,
so
I
bring
that
up,
because
if
any
of
y'all
are
involved
and
engaged
in
activities
and
know
folks
in
those
areas
of
dallas,
I
would
love
to
talk
to
you
about
how
we
could
specifically
potentially
create
some
projects
that
would
bring
clean
energy
microgrid
type
of
power.
G
To
again
some
discrete
thing,
like
a
dallas
college
campus
as
an
example,
that's
an
easy
one
to
kind
of
get
your
head
around,
but
it
could
also
be
a
business
down
there
that
wants
to
power
their
they.
They
employ
workers
from
southern
dallas
and
they
want
to
provide
their.
They
want
to
power
the
building
with
clean
energy,
and
it
could
also
potentially
serve
as
a
safe
place
for
its
community.
G
It's
larger
community
to
come
in
the
future
when
the
grid
is
down,
because
that
was
something
that's
something
the
city
of
dallas
is
working
on
is
where
can
our
citizens
go
if
their
power
is
out
and
it's
dangerous
and
they
can
go
and
be
safe
and
secure
if
their
home
is
not
so
anyway?
Finally,
let
me
just
say
this
in
terms
of
actions.
The
idea
here,
which
is
where
I
think
would
go
after
this
discussion
today,
is
what
could
we?
What
could
we
do
to
potentially
equip
our
council
members
like?
G
We
did
for
the
gaf's
got
to
go
thing
that
alex
and
others
did
and,
for
instance,
paula
blackman.
My
council
member
responded
to
my
email
and
said
I
totally
am
behind
solving
that
problem.
You
know
whatever
it
means
in
terms
of
gf
gotta
go,
so
I
think
we
had.
I
understand
collectively
we
had
good
impact,
good
response
from
our
council
members
and
it's
things
are
moving
ahead
and
at
the
council,
so
my
my
thinking
is.
G
We
should
put
together
something
similar
that
whoever
had
done
that
before,
whether
on
the
gf
thing
or
other
initiatives
or
we
could
contact
our
council
members
to
say,
look,
you
need
to
encourage
and
incentify
incentivize
dallas's
business
community
to
deploy
clean
energy
and
that's
going
to
have
a
big
impact
on
the
success
of
of
ccap.
So
it
seems
to
me
that
if
we
quit
our
equip
our
council
members,
they
can
then
educate
businesses
in
their
communities.
G
Additionally,
beyond
the
council
members,
the
idea
of
you
know
anybody
here,
that
is
in
the
business
world,
who
knows
businesses
that
are
based
here
that
own
their
buildings
and
why
haven't
they
put
clean
energy
on
their
property
because
it'll
pay
off
both
brand
wise
and
economically.
So
there's
a
lot
to
all
this.
I
want
to
stop
there,
I'm
curious
to
know
what
I've
said.
G
What
what
questions
and
thoughts
and
ideas
have
come
up
here
in
the
mind
of
our
group
and
then
and
then
we've
got
confident
formal
committee
here
that
roger
and
I
have
talked
about
that-
we
could
put
together
to
try
and
create
an
easy
to
use
tool,
kit
and
things
that
the
whole
chapter
could
use
like
you
did
for
gaf
scoutigo.
That
was
really
good
so
that
we
can
all
take
action
because
I
think
we
just
want
to
do
stuff
and
to
help
our
city's
environmental
health.
A
B
F
B
F
Yeah,
so
we
have
a
new
trained
climate
reality
leader
from
joppy.
I
don't
know
if
anybody
met
her
at
las
vegas,
tariqah
so
yeah,
so
we
should
definitely
get
her
involved.
Okay,
great
so
connected
there
yeah.
So
the
other
thing
I
think,
is
dallas
county
because
a
lot
of
the
like
the
big
warehouse-
you
know,
inland
port,
all
those
buildings
they're,
I
guess
in
like
maybe
duncanville-
or
you
know
something
like
that.
So
so
we're.
D
F
That
could
be
a
really
good
ad,
because
you
know
those
inland
ports
are
kind
of
an
environmental
nightmare
with
all
of
the
trucks
that
are
parking
and
idling
there.
So
you
know
bringing
some
recognition
to
them
that
one
of
the
things
they
could
be
working
on
would
be
rooftop
solar.
That
could
that
could
make
a
difference.
G
E
F
F
G
I
think
it's
in
the
preliminary
thinking,
yes,
and
I
would
be
super
surprised
if
that
doesn't
happen.
I
think
that
will
because
when
they
build
something
new,
it's
just
another
feature
that
they're
adding
it'll,
be
a
lot
easier
to
finance
it
and
make
it
happen
and
just
bake
it
in
versus
retrofitting
existing
buildings.
So
I
think
that
will
happen.
Paula,
yeah,
good
point.
G
It's
not
you
know
how
well
we
all
do
with
frankly
with
we
recycling
with
our
blue,
our
blue
carts
right.
They
want
that's
it's
not
really
up
to
us.
We
got
to
get
the
big
industry
going
on
this
because
it
will
make
a
huge
difference
and
the
other
one
which
is
near
and
dear
to
roger's
heart,
of
course,
is,
is
fleet
conversions.
You
know
we
got
to
get.
That's
the
other
biggie.
These
are
the
two
big
low-hanging
fruit
is
buildings,
going
with
clean
power
and
transitioning
to
clean
vehicles.
G
We
get
those
two
big
things
done
and
all
the
other
stuff
like
simon.
Your
stuff
is
right
on
man,
but
we
got
to
go
for
the
big
stuff
too,
and
I
think
in
our
group.
I
I
think
if
we
can
work
on
the
bigger
stuff
as
well,
then
you
know
we
can
hopefully
make
a
difference,
and
I
think
that's
why
we're
all
here
together.
B
B
F
F
The
chapter,
of
course,
has
always
had
a
commitment
to
our
members
learning
more,
and
I
took
a
look
back
at
the
slide
deck
that
I
saw
at
the
houston
training
in
2016
just
to
confirm
my
memory.
Al
gore
said
not
one
single
word
about
renewable
agriculture
or
the
impact
of
the
agricultural
industry
on
the
climate
crisis
in
2016.
It
did
not
figure
in
the
training
in
any
way.
F
F
Please
come
I'll,
be
reaching
out
to
the
new
trainees
about
about
a
second
offering
of
the
workshop
series
on
presentation
skills.
If
there's
anyone
on
this
call,
who
has
never
given
a
presentation
and
is
interested
in
doing
so,
we're
going
to
be
working
on
that
again
soon,
very
soon
hoping
to
be
in
touch
with
all
of
our
newly
trained
leaders,
but
for
july
6th.
I
invite
you
all
to
a
discussion
of
mark
bittman's,
new
book
animal
vegetable
junk
I've
just
finished
reading
it
it
is.
It
is
fascinating.
F
C
C
I
believe
it's
in
san
francisco
called
the
women's
eco
artist
dialogue
commonly
called
weed
maureen,
and
I
are
members
in
fact,
I
think
it's
because
of
maureen
that
I
know
about
the
group
and
they
recently
reached
out
to
new
members
in
their
group
and
were
thrilled
that
maureen
and
I
were
there
as
well,
I'm
going
to
say
as
representatives
of
climate
reality.
Obviously
we
weren't
there
as
representatives,
but
we're
part
of
the
organization
here
and
their
little
ears
just
opened
right
up
and
they
came
up
with
an
idea
of
having
weed
artists
and
climate
reality.
C
C
I
will
be
reaching
out
and
thank
you,
simon,
for
sending
it
to
me
to
the
austin,
houston
and
san
antonio
climate
reality
chapters
here
to
get
a
sense
of
what
women
involved
in
our
organizations
would
like
to
participate
in
this.
So
that's
what
we
know
about
it
so
far
and
if
you
are
a
woman
artist
who
would
like
to
do
something
on
behalf
of
the
arts
of
the
earth
through
arts,
then
please
do
contact
me.
Bando
beth,
gmail.com,
I'll
pop
it
again
in
the
chat
and
that's
it.
C
D
D
The
poor
people's
campaign
has
been
in
strong
partnership
with
the
common
reality
project
for
about
a
decade,
and
so
it's
funded
in,
I
think
1968
co-founded
by
martin
luther
king,
and
so
basically
you
know,
we've
been
in
partnership
with
them
to
advocate
for
environmental
justice
and
economic
justice.
So
I
just
encourage
all
of
you
to
check
out
their
website.
D
They
have
like
really
awesome
videos
and
then
on
their
website,
read
about
their
demands,
because
we
cannot
really
achieve
climate
justice
if
we
don't
address
the
downward
direction
of
our
democracy
and
economic
injustice.
So
everybody
like,
I
really
want
you
to
check
this
out.
We
obviously
cannot
participate
in
person
there
today,
but
we
can
give
them
support.
We
can
amplify
your
voice,
so
go
on
social
media.
D
If
you're
on
there
talk
to
you,
talk
to
your
friends
and
your
family
members
and
your
network
about
your
initiatives
and
then,
if
you
have
the
financial
means,
we
appreciate
your
donation
to
our
chapter
again,
we're
all
volunteers,
but
then
also
consider
them,
because
they're
really
doing
good
work.
We
partnered
with
them
in
2019
for
the
ecological
devastation
tour
in
dallas,
and
then
it's
probably
coming
back
as
we're,
hopefully
moving
towards
the
end
of
the
pandemic
or
co-living
with
it
so
yeah.
I
just
want
to
encourage
all
of
you.
D
B
B
F
F
F
She
gives
of
her
strength,
sustaining
them
with
her
own
measureless.
Tremor
of
dark
life,
touch
the
earth,
love
the
earth,
honor
the
earth,
her
planes,
her
valleys,
her
hills
and
her
seas.
Rest.
Your
spirit
in
her
solitary
places
for
the
gifts
of
life
are
the
earths
and
they
are
given
to
all,
and
they
are
the
songs
of
birds
at
daybreak
orion
and
the
bear
and
dawn
seen
over
ocean
from
the
beach.