In case you think I'm panicing, the New York Times catches up with me in U.S. Warns Climate Poses ‘Emerging Threat’ to Financial System by Alan Rappeport and Christopher Flavelle:
Climate change is an “emerging threat” to the stability of the U.S. financial system, top federal regulators warned in a report on Thursday, setting the stage for the Biden administration to take more aggressive regulatory action to prevent climate change from upending global markets and the economy.Below the fold, an even more depressing update.
Higher temperatures are leading to more natural disasters, such as hurricanes, wildfires and floods. These, in turn, are resulting in damaged property, lost income and disruptions to business activity that threaten to alter how assets, such as real estate, are valued.
At the same time, the move away from fossil fuels could cause a sudden drop in the price of stocks and other assets tied to oil, gas, coal and other energy companies, or sectors that rely on them such as carmakers and heavy manufacturing. Such a shift could hurt the stock market, retirement savings and other parts of the financial sector.