The banking collapse raises concern for risk management, especially accounting for weather extremes, stranded oil assets and more, says RAN's Aditi Sen.
Over the last few weeks the second biggest bank collapse in 16 years rocked the world. Self-inflicted deregulation is to blame, with a far more troubling undercurrent: failure of risk management.
If the foreseeable risks of inflation and interest rates were surprising, many banks have another crisis coming. The juggernaut is climate-change risk in all its forms. The bottom line for action is cash, not empty pledges and false solutions. Where is the financing for the future of energy and a just transition, and thus, our future economy?
The threat of climate instability could not be clearer in the IPCC report. The climate chaos predicted will have a larger impact at lower temperatures than previously thought. Every increment of global warming will make weather extremes more disruptive, causing widespread damages to communities and natural ecosystems, as well as dire impacts to economies, according to the report.
“ Regulators may try to bail them out again when the shockwaves of climate chaos hit the banks because they’re too big to fail, but they’re not too big to fail humanity. ”
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