Trump administration report warns of financial havoc from climate change
WASHINGTON — A report commissioned by federal regulators overseeing the nation’s commodities markets has concluded that climate change threatens U.S. financial markets, as the costs of wildfires, storms, droughts and floods spread through insurance and mortgage markets, pension funds and other financial institutions.
The commodities regulator, which is made up of three Republicans and two Democrats, all of whom were appointed by President Donald Trump, voted unanimously last summer to create an advisory panel drawn from the world of finance and charged with producing a report on the effects of the warming world on financial markets.
Douglas Holtz-Eakin, president of the American Action Forum, a conservative research organization, who served as economic adviser to John McCain’s 2008 presidential campaign, said: “This was initiated by the Trump administration. It is the only document of its type.
One crucial difference, they said, is that in the case of climate change, financial volatility and loss are likely to be spread out over time, as they hit different regions and markets. Insurance companies could withdraw from California in the wake of devastating wildfires, and home values could plummet on coastlines and in floodplains. In the Midwest, banks could limit loans during or after extended droughts that drastically lower crop yields.
“Climate change is linked to devaluing home values,” said Jesse Keenan, an editor of the report and a professor of real estate at Tulane University in New Orleans. The report makes several concrete recommendations for inoculating the financial system against potential harm.
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