Climate Crisis Could Threaten Global Financial Stability

Adding to Planetary Alarm Bells, Top US Finance Official Warns Climate Crisis a Recipe for Global Economic Collapse; "It's abundantly clear that climate change poses financial risk to the stability of the financial system."

Jessica Corbett, June 12, 2019 (Common Dreams)

“…[The human-caused climate emergency poses a threat to the economy which rivals the subprime mortgage meltdown that led to the 2008 financial crisis…[according to Rostin Behnam] of the five-member Commodities Futures Trading Commission, an independent federal agency…As the sponsor of CFTC's Market Risk Advisory Committee, he convened a public meeting…to discuss climate-related financial threats…[and call for a panel to review and report on threats and solutions…[Appointed as a required Democratic member to the CFTC, he said] most of the world's markets and market regulators are taking steps towards assessing and mitigating the current and potential threats of climate change…[but, he added,] impacts of climate change affect every aspect of the American economy—from production agriculture to commercial manufacturing and the financing of every step in each process…

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Failing to address financial market risks associated with climate change will impede economic growth, and most likely hit rural communities the hardest…[He said it is time to examine the relationship of [extreme weather event risks to financial] market stability…[The report] would be a product of the federal government… put Mr. Behnam in direct conflict with the policies of the [current] administration…[And, because it would come in 2020 and likely focus] on potential harm to the nation's agriculture sector, [it] is likely to emerge at a moment when [the president] will be making the case to farm states…” click here for more

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