The far-reaching consequences of climate change have the ability to create chaos in the financial system and disrupt the American economy, according to a federal report
The report, the first of its kind by a US government entity, calls for Congress to swiftly impose a price on carbon and urges financial regulators to"more urgently and decisively" work to understand and blunt the looming economic damage from climate change. "Climate change poses a major risk to the stability of the U.S. financial system and to its ability to sustain the American economy," the US Commodity Futures Trading Commission's climate subcommittee wrote.
or the US government.Oil prices are collapsing after Saudi Arabia sends ominous signalScientists have already identified climate change as culprit in destructive weather events across the United States, including wildfires, severe floods and massive hurricanes. Read MoreThe report is notable in part because it directly contradicts President Donald Trump's and other Republicans' downplaying of the consequences of climate change.
Chairman Heath Tarbert, a Republican, struck a different tone on the report, emphasizing the potential disruption caused by the shift to cleaner energy."The subcommittee's report acknowledges that 'transition risks' of a green economy could be just as disruptive to our financial system as the possible physical manifestations of climate change, and that moving too fast too soon could be just as disorderly as doing too little too late," Tarbert said in a statement.
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