by Rachel Koning Beals, Market Watch
A new report from Ceres examines the wide-ranging and compounding impacts of the climate crisis on U.S. financial markets.
- Due to climate change, the United States has spent $1.7 trillion on over 265 extreme weather events since 1980 and has seen economic losses of more than $500 billion from 2015-2019
- When planning the economic recovery from the COVID-19 pandemic the US must include climate-change responses from financial markets and their regulators
- Climate change will take a 5%-20% loss of GDP if left unmitigated
- U.S. financial regulators are far behind China, Europe, the U.K., South America, and Canada in responding to climate change as a systemic risk and taking steps to protect their markets
- Advocates behind the report are emphasizing a market-driven regulatory restructure to get the US on par with other countries
Using new progressive financing mechanisms we can produce an additional $20+ billion per year specifically for climate action.