Financial systems must consider extreme weather, or risk condemning millions to die

Financial systems must consider extreme weather, or risk condemning millions to die

It’s extraordinary how the financial markets that pride themselves on their data analysis and forecasting have such a blind spot when it comes to the impacts of climate change.

I was reminded of this by a new report released today from the Royal Society, which calls on our global financial systems to start considering the risks posed by extreme weather, or risk condemning millions of people to die.

The failure of financial institutions to focus on the dangers comes despite increasing numbers of businesses and other organisations reporting that their operations are being hit by droughts and flooding.

In fact, the Royal Society points out that between 1980 and 2004 the total cost of extreme weather came to $1.4tn (£8.8bn), of which just one quarter was insured. By the middle of the century, it is estimated that large coastal cities alone could face combined annual losses of $1tn (£6.3bn) as a result of flooding.

Source: The Guardian

Date: February 2015

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