"Risk exposure varies, but no matter the size of the institution, all banks had some level of climate risk within their lending footprint," Jeremy Porter, First Street's head of climate implications, told Fortune.
"If you have any line item, as a publicly traded company, with the potential to lose 1% of value... you have to report it," First Street CEO Matthew Eby said.
"The most vulnerable were regional, small, and community banks with highly concentrated portfolios in areas prone to flooding, wildfires, or hurricanes."
"Nearly one-third of the nation's banks are exposed to climate-related risks that could reduce the value of their holdings by 1%, a threshold the Securities and Exchange Commission has defined as material."
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