Report: Climate change could flush your savings

by Nathanael Johnson, Grist

Businesses say risks to their bottom line from climate climate add up to tens of billions of dollars. That may seem like a lot, but their actual risks to business are at least 100 times higher, according to a study just published in Nature Climate Change. Trillions, instead of billions.
The mismatch between those numbers could liquify the money you’ve been saving for retirement. Company climate plans “give little inkling that up to 30 percent of manageable assets globally may be at risk,” researchers wrote.

Climate change could soon be “the defining issue for financial stability” according to Mark Carney, governor of the Bank of England and former head of the Financial Stability Board, the international body established to make recommendations to prevent financial collapse. To take that out of econo-speak: Failure to fully comprehend climate risks — droughts, floods, heat waves — could lead to an economic crisis that makes the Great Recession look like a joyride.

Read more: https://grist.org/article/report-climate-change-could-flush-your-savings/

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