CLIMATE CRISIS
First-of-its-Kind Report Finds Climate Change Poses 'Major Risk' to U.S. Financial System
Climate NexusSep. 09, 2020 09:43AM ESTPOLITICS
First-of-its-Kind Report Finds Climate Change Poses 'Major Risk' to U.S. Financial System
This is the first federal government report of its kind to focus on the effects of climate change on financial markets. Robertogfena / Wikimedia Commons / CC by 4.0
A massive, first-of-its-kind report, commissioned by Trump appointees and compiled by dozens of analysts from firms across the economy, says 'climate change poses a major risk to the stability of the U.S. financial system and to its ability to sustain the American economy.'
The findings themselves are not entirely new, but the fact that they were published by the Commodity Futures Trading Commission, the regulatory body charged with overseeing the complex financial instruments that set the prices of commodities like corn, wheat, and oil, carries significant importance.
This is the first federal government report of its kind to focus on the effects of climate change on financial markets.
'It was shocking when they asked me to do this,' Robert Litterman, the chairman of the panel that produced the report and a founding partner of Kepos Capital, told the New York Times.
'This is members of the entire community involved in financial markets saying with one voice, 'This is a serious problem, and it has to be addressed.''
For a deeper dive:
New York Times, Politico Pro, Reuters, New York Magazine
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