Climate Change Is a Financial Crisis, Too
The people who oversee America’s financial system seem to think that climate change isn’t their problem. As one official quipped in recent congressional testimony, he’s “not a meteorologist or a climate scientist.”
They should think again. By failing to take action, regulators are leaving the country exposed to a devastating crisis.
Financial institutions, from banks to insurers to asset managers, face climate-related risks that go far beyond the issue of social responsibility. One way or another — be it through natural disasters and forced migration, or decisive moves to transform energy use — they could end up facing trillions of dollars in cumulative losses. These could come in the form of defaulted mortgages in flooded areas, soured investments in regions that become uninhabitable, or nonperforming loans to shuttered coal-fired power plants…
Earth is headed for its warmest year in recorded history
Data from the U.S. government sure seems to indicate that the Earth is warming (despite what the current leadership may say).
Apparently, the globe just experienced the second-hottest October ever recorded and is on track for the second-hottest year to date on record, according to data from the National Oceanic and Atmospheric Administration.
Not only are we experiencing a run of hot Octobers (this is the tenth year that temperatures have hit recorded-history highs since 2003 and all five of the highest temperature years were in the past five years), but arctic ice has also shrunk to its lowest extent since satellite records began in 1979.
Even as the Trump Administration enacts policies to reverse course on curbing the emissions that seem to be leading to a changing global climate, federal agencies like the NOAA keep releasing reports that reveal exactly how much the planet is changing