YNTR: Climate Change Could Blow Up the Economy. Banks Aren’t Ready.

You Need to Read in the New York Times Climate Change Could Blow Up the Economy. Banks Aren’t Ready. by Jack Ewing.

The climate crisis will eventually change all sectors of the global economy and impact financial institutions at every level. An umbrella organization for the world’s central banks has released a book length report documenting foreseeable impacts on central banks worldwide as the climate crisis continues to unfold.

Like other central banks, the E.C.B., which met on Thursday, is scrambling to prepare for what a report warns could be a coming economic upheaval.

FRANKFURT — Climate change has already been blamed for deadly bush fires in Australia, withering coral reefs, rising sea levels and ever more cataclysmic storms. Could it also cause the next financial crisis?

A report issued this week by an umbrella organization for the world’s central banks argued that the answer is yes, while warning that central bankers lack tools to deal with what it says could be one of the biggest economic dislocations of all time.

The book-length report, published by the Bank for International Settlements, in Basel, Switzerland, signals what could be the overriding theme for central banks in the decade to come.

Bring your loved ones together this holiday season to give #GiftsToTheFuture. Each day on the way to welcoming the new year, we'll share a little something you can do to help make it (and many years that follow) better for those you love. enough.co/gifts-to-the-future

How you earn, spend, save, and invest can grow climate solutions faster. Let's work on it together?