Fed Says $500 Billion in Losses Show Economic Threat of Climate Change

"Climate change is a threat that risk managers can’t ignore, warned a senior official from the U.S. central bank.

“The U.S. economy has experienced more than $500 billion in direct losses over the last five years due to climate and weather-related events,” Federal Reserve Bank of New York Executive Vice President Kevin Stiroh told a risk forum on Thursday at the bank.

Disasters from devastating wildfires in California to storms pounding Eastern Seaboard cities have pushed climate change higher on the U.S. agenda, even as President Donald Trump formally begins withdrawing the country from the Paris climate accord."

Alister Bull reports for Bloomberg November 7, 2019.

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"Fed Officials See Climate Change as Pressing Threat to Economy" (Bloomberg)