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WASHINGTON, D.C. — On Thursday, October 16, the Federal Reserve, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) announced the withdrawal of the interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions.

The principles, finalized in October 2023, provided guidance for how large banks should manage the climate-related risks in order to protect the stability of the broader financial system. The principles include crucial guidance on net-zero commitments and climate scenario analysis, two critical components for the effective management of physical and transition risks posed by climate change.

In response to the news, Jessye Waxman, Campaign Advisor with the Sierra Club’s Sustainable Finance campaign, issued the following statement:

“Federal regulators in the U.S. and globally recognize that climate change poses a destabilizing, systemic threat to the financial system. From stranded assets and market shocks to supply chain disruptions, political instability, and ‘climateflation,’ the repercussions are expected to be unprecedented. Economists liken the impacts to those of the Great Depression, but permanent.

Federal Reserve chair Jerome Powell oversaw the passage, and now the removal, of this guidance. So what’s changed? The science remains clear, the risks have grown, and financial best practices have become more sophisticated. The only change is political leadership, making this reversal a purely political move. These principles were designed to promote best practices to help avoid another financial crisis like 2008. Abandoning sound oversight to align with climate denialists is alarming, and should concern anyone who doesn’t want to face another Great Recession — or worse.”

BACKGROUND

In October 203, the Sierra Club applauded the publication of the final principles for finally recognizing that climate change poses a threat to financial stability and for acknowledging the risk of greenwashing by financial institutions.

The principles were crafted based on significant feedback during various interagency comment periods held from 2022 to 2023. The Sierra Club signed onto a coalition comment letter led by Public Citizen and signed by 68 organizations submitted to the Federal Reserve, and a comment letter led by Public Citizen submitted to the OCC. Sierra Club supporters also submitted comments to the Federal Reserve.

Port workers demanding higher wages and better working conditions have gone on strike.

NNPC Correspondent brings us this update.

Due to strikes, the lashing of containers had been suspended as from 9 October 2025.

The two lashing companies that carry out the lashing work in the port of Rotterdam, have held talks with the trade union, but have not yet reached an agreement. The dock workers employed by the lashing companies have announced that they will continue the strike indefinitely.

However, the dock workers and crane operators in the Port of Rotterdam returned to work on Monday 13 October due to a decision of the Court of Rotterdam.

Nevertheless, due to the number of vessels already waiting to enter the port the effects of the strike will remain noticeable for some time yet.

Impact of the strike

The impact of the strike which had been ongoing from 8 October 2025 and over the weekend was significant with the cranes at the ECT container transshipment terminal on the Rotterdam-Maasvlakte having been out of operation. As a result, the Rotterdam Port Authority now reports that it will take until at least the end of October to clear all the backlogs and at present over 20 large container ships remain anchored off the Dutch coast, including m/v “One Innovation”, one of the world’s largest container ships.

The court ruling on 13 October 2025 meant that the dock workers and crane operators must return to work but that in the meantime wage negotiations between the unions and employers will continue. If the parties fail to reach an agreement, the dock workers may resume their strike. Based on our information the concern is that further suspension will complicate efforts to resolve the backlog and potentially extend the effects of the strike into November even if a lasting solution can be found in the coming weeks.

The impact of the days on which dockworkers downed tools was significant. “Every three seconds, a container is handled at our port, which amounts to 37,000 TEU per day. After five days, 185,000 TEU will not have been handled. That is more than 1,000 kilometres of containers, from Rotterdam to Nice, to give you an idea.”, said an official of the Rotterdam Port Authority in the local media.