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The next big financial crisis could be triggered by climate change

22 Comments
By Garth Heutel, Givi Melkadze and Stefano Carattini

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Isn't climate always changing? Some years the earth cools, others it warms.

-5 ( +2 / -7 )

Isn't climate always changing? 

This time it's different. Yes, there have been ice ages, sea levels and rises and all that, but it's accelerating with all the man made Co2. But since Trump people don't believe in this sea level rise nonsense, then go ahead and buy up all that valuable South Florida property that will never be inundated with water according to Trump Science.

3 ( +4 / -1 )

Just more fear mongering by Biden's loyal followers.

Mark Carney, the former governor of the Bank of England, identified a series of climate change-related risks in 2015 that could shake the financial system.

The European Central Bank is conducting stress tests to assess the resilience of its economy to climate risks.

Somehow obviously hasn't read the article he's commenting on.

0 ( +1 / -1 )

JsapcToday  10:31 am JST

Somehow obviously hasn't read the article he's commenting on.

Somehow obviously hasn't read the comment he's commenting on.

The Biden administration recently introduced an executive order on climate-related financial risk, 

Libs live for this type of fear mongering.

-1 ( +3 / -4 )

The first two charts in this article graphically show just how unusual and rapid the rise in average global temperatures has been in recent years. The article explains in detail how NOAA scientists determined average global temperatures in ages past using ice samples and other means. The world has been hotter in the past, yes, but global temperature changes have happened gradually over time. It is only very recently, since the late 1800s that global average temperatures have risen as rapidly and as high as the world is experiencing now. So for our Commodore, do not ignore the science. The current rapid rise in temperature is anomalous in history and can only be explained by man altering the Earths atmosphere with pollutants.

https://www.climate.gov/news-features/climate-qa/what%E2%80%99s-hottest-earth-has-been-%E2%80%9Clately%E2%80%9D

1 ( +2 / -1 )

I think the authors of this article overlooked the one of the most likely causes of a global recession and that is from food production. Droughts in arid regions and massive floods such at those seen in China and India recently will curtail food production massively in ways that are going to affect everyone's finances and how well fed they are.

2 ( +3 / -1 )

Desert TortoiseToday  11:15 am JST

It is only very recently, since the late 1800s that global average temperatures have risen as rapidly and as high as the world is experiencing now.

And it is only recently that thermometers have been around to measure temperatures, so out of the earth's 4.5 billion year history, guess there is not much to go on.

-5 ( +2 / -7 )

And it is only recently that thermometers have been around to measure temperatures, so out of the earth's 4.5 billion year history, guess there is not much to go on.

If only there was another kind of proxy such as ice cores, corals, sediments, tree rings etc that climatologists could use to measure historical temperatures.

6 ( +8 / -2 )

And it is only recently that thermometers have been around to measure temperatures

Overly simplistic argument that Clippers addressed nicely.

3 ( +5 / -2 )

And it is only recently that thermometers have been around to measure temperatures, so out of the earth's 4.5 billion year history, guess there is not much to go on.

...

1 ( +2 / -1 )

ClippetyClopToday  11:39 am JST

If only there was another kind of proxy such as ice cores, corals, sediments, tree rings etc that climatologists could use to measure historical temperatures.

If only there were trees or tree fossils 1 billion years old or older

-4 ( +2 / -6 )

If only there were trees or tree fossils 1 billion years old or older

I’m pleased to have been able to so easily teach you that climatology studies predate the invention of a thermometer by about a billion years.

Just thing of what else you could learn today.

2 ( +4 / -2 )

ClippetyClopToday  01:39 pm JST

I’m pleased to have been able to so easily teach you that climatology studies predate the invention of a thermometer by about a billion years. 

Just thing of what else you could learn today.

So you learned there are no trees or tree fossils from 1 billion or more years ago.

So climatology studies are just that--studies.

-5 ( +2 / -7 )

My town has been over 30C for ten days straight. It's never happened before. The streak looks like it will end today with .... 29.5C. Any arguments about global temperatures being hotter way back in the past are irrelevant, because there weren't six billion people needing food and drinking water then. Those six billion include you.

To get back on topic, you have to question what would happen to the world financial system if all investments in fossil fuels went to near zero. There is probably too much money at stake for that to be allowed to happen. Fossil fuels are subsidized by directly and indirectly, to a certain extent as "energy security". Governments have a huge role in how FFs are valued.

2 ( +2 / -0 )

One of these methods is “green quantitative easing,” which, like quantitative easing used during the recovery from the 2008 recession, involves the central bank buying financial assets to inject money into the economy. In this case, it would buy only assets that are “green,” or environmentally responsible. Green quantitative easing could potentially encourage investment in climate-friendly projects and technologies such as renewable energy, though researchers have suggested that the effects might be short-lived.

In other words, keep printing money from nothing (it hasn't stopped since the GFC) to throw at boondoggle projects in which governments pick winners (large corporations selected by governments) to burn taxpayers' hard-earned on projects that will be incredibly inefficient if they even get close to working at all. All the while the public debt explodes, but that's OK because some future generations will have to pay it off. The magic money tree in action. Corporate socialism/cronyism in full flight.

-3 ( +1 / -4 )

And it is only recently that thermometers have been around to measure temperatures, so out of the earth's 4.5 billion year history, guess there is not much to go on.

If you are actually interested in learning how scientists estimate historical climate change for the time prior to the development of modern means of measuring temperature, you can read about it on the NOAA's paleoclimatology site (link below). Its way too simplistic to say that we only know anything about climate for the period since the invention of the thermometer.

https://www.ncdc.noaa.gov/data-access/paleoclimatology-data

2 ( +2 / -0 )

kohakuebisuToday  02:18 pm JST

My town has been over 30C for ten days straight. It's never happened before. The streak looks like it will end today with .... 29.5C. Any arguments about global temperatures being hotter way back in the past are irrelevant, because there weren't six billion people needing food and drinking water then. Those six billion include you.

10 days? Must be climate change!

Ok--I guess this is all irrelevant about six billion people needing food and drinking water too.

-5 ( +0 / -5 )

I see so many barriers in this article, however one thing stands out and that is a bunch of rich private investors will get a bunch richer financing the fossil fuel projects that get put on the naughty list for banks.

0 ( +0 / -0 )

rainydayToday  04:24 pm JST

If you are actually interested in learning how scientists estimate historical climate change for the time prior to the development of modern means of measuring temperature, you can read about it on the NOAA's paleoclimatology site (link below). Its way too simplistic to say that we only know anything about climate for the period since the invention of the thermometer. 

I'm interested in learning. Teach me!

What was the average temperature in May 3.2 billion years ago in the land area covered by what is now known as Argentina? How about 4.7 billion years ago, September 20-24, in what is now Antarctica?

What about the average surface ocean temperature over the area now known as Guam, oh, 2.3 billion years ago, October 16-23?

Got another link for me?

-4 ( +0 / -4 )

I'm interested in learning. Teach me! 

What was the average temperature in May 3.2 billion years ago in the land area covered by what is now known as Argentina? How about 4.7 billion years ago, September 20-24, in what is now Antarctica?

What about the average surface ocean temperature over the area now known as Guam, oh, 2.3 billion years ago, October 16-23?

Got another link for me?

Got it. Reading actual science is hard, spouting BS is easy.

Have fun with it.

3 ( +3 / -0 )

It’s unfortunate that climate change skepticism has found its way onto the rightwing/alternative media/conspiracy theory hymn sheet. These people are clearly unable to think for themselves.

Is there a way to smuggle something intelligent onto that hymn sheet?

2 ( +3 / -1 )

And it is only recently that thermometers have been around to measure temperatures, so out of the earth's 4.5 billion year history, guess there is not much to go on.

The article explains in detail how scientists determined global temperatures over time. It is not hard to understand. The evidence is there.

3 ( +4 / -1 )

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