It's 2020, And One Federal Reserve Governor Noticed That Climate Breakdown May Pose Financial Risks

[hatrack]

Days after Joe Biden’s contentious presidential win, the U.S. Federal Reserve – known as one of America’s most conservative institutions – acknowledged for the first time the financial risks of climate change in its biannual financial stability report. In comments attached to the publication, Fed Governor Lael Brainard said the following:

“Acute hazards, such as storms, floods, or wildfires, may cause investors to update their perceptions of the value of real or financial assets suddenly…slow increases in mean temperatures or sea levels, or a gradual change in investor sentiment about those risks, introduce the possibility of abrupt tipping points or significant swings in sentiment.”

EDIT

Monday’s report spearheaded by Dr. Lael Brainard, a Fed Governor, might be interpreted as a signal of forthcoming cooperation between the U.S. Central Bank and the incoming administration — or it could be her own policy entrepreneurship. But it does appears from media reports that Dr. Brainard is a leading contender to be Secretary of Treasury in the Biden cabinet. She was a Clinton and Obama Administration senior official, and may or may not reflect the whole of Fed’s orthodoxy when it comes to climate change.

“It is vitally important to move from the recognition that climate change poses significant financial stability risks to the stage where the quantitative implications of those risks are appropriately assessed and addressed”, Governor Brainard commented.

EDIT

https://www.forbes.com/sites/arielcohen/2020/11/11/us-fed-report-acknowledges-climate-change-risks-in-historic-first/?sh=cb42e1852dc5

[Miguelito Loveless]

1. Just now? Really?

You are now officially about a decade too late. With the methane feedback loop starting in the Arctic, the avaricious disciples of Mammon has doomed future generations.

Our climate system is flying along at 150 mph, six feet from a cliff into the abyss, and this clown wakes up and says, "Hey, maybe we should slow down."

[abqtommy]

2. snark on: It's encouraging to see the same diligence that has been applied to climate

climate change being applied now to the covid-19 pandemic. snark off I certainly see
the negative results of human indifference in all this.

[eppur_se_muova]

3. Financial losses are the clue-by-four that will finally get the idea through some thick heads.

Better late than ... well, maybe not in this case. Too late is too late.