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6 Large Banks to Participate In Pilot ‘Social Credit System’ for ‘Climate Scenario’ – Seek to manage ‘climate-related financial risks’

Six of the United States’ biggest banks will take part in a pilot climate scenario, or social credit system analysis exercise, the Federal Reserve Board recently announced.

The pilot scheme is designed to enhance firm’s ability to measure and manage “climate-related financial risks.”

The exercise, set to launch in 2023, will publish details of the climate, economic, and financial variables that make up climate scenario narratives.

Banks taking part in the exercise include:

  • Bank of America
  • Citigroup
  • Goldman Sachs
  • JPMorgan Chase
  • Morgan Stanley
  • Wells Fargo.

According to the Federal Reserve’s official government website, the Board will provide additional details on how the exercise will be conducted.

According to the Dossier on Substack, the pilot program is a social credit system under the guise of climate economics.

This is a significant step in facilitating an ESG-compliant monetary network, which parallels China’s social credit scoring system.

The announcement comes just weeks after The World Economic Forum (WEF) launched a new digital currency space named ‘The Crypto Sustainability Coalition,’ which they say will reward groups taking action against ‘climate change.’

In August The Epoch Times reported:

The WEF also has touted companies such as climate tech startup Doconomy, which, in partnership with Mastercard, has developed a credit card that can track the carbon footprint of all your purchases, including food and travel, and cuts off your spending when you hit a certain personal emissions limit. For those who don’t want to carry a mobile phone or wallet everywhere they go, a company named Walletmor has developed a chip, implanted in your hand, that carries your personal information and can simply be waved over a sensor to make payments.

Meanwhile, the Federal Reserve is working with large banks to monitor their ability to comply with a new system of banking surveillance.

The establishment media unsurprisingly praised the plan

The New York Times reported “that it often lagged behind its global peers when it comes to talking about and coming up with a plan for policing risks related to climate change.”