NO!! Warming World & Destabilizing Climate Pose Risks To Financial Markets, Big Banks Say
WASHINGTON Climate change threatens to create turmoil in the financial markets, and the Federal Reserve and other regulators must act to avoid an economic disaster, according to a letter sent on Tuesday by a group of large investors. The climate crisis poses a systemic threat to financial markets and the real economy, with significant disruptive consequences on asset valuations and our nations economic stability, reads the letter, which was signed by more than three dozen pension plans, fund managers and other financial institutions that together manage almost $1 trillion in assets.
That financial threat, combined with the physical risks posed by climate change, may create disastrous impacts the likes of which we havent seen before, the letter says. It urges the Fed, the Securities and Exchange Commission and other agencies to explicitly integrate climate change across your mandates.
Investors worry that if regulators do not act, climate change may cause the price of some companies to fall suddenly, the effects of which may ricochet through the economy. Providing more information about that risk for example, by requiring companies to disclose more about their greenhouse gas emissions, or which of their facilities are at risk from rising seas could help investors make better decisions.
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Sarah Bloom Raskin, a former Federal Reserve governor and deputy secretary of the Treasury who wrote the foreword to Ceress list of recommendations, said that regulators in the United States were falling behind their counterparts in other countries, which have already begun imposing stress tests for climate change as well as other steps. You see very credible central banks, like the Bank of England and the European Central Bank, taking the risk of a climate calamity into their mission in a very disciplined and structured way, Ms. Raskin said. These arent fringe ideas.
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https://www.nytimes.com/2020/07/21/climate/investors-climate-threat-regulators.html