The fall of 2022 is as good a time as any for the Federal Reserve to announce, as it did this week, how it will start assessing the risks climate change poses to the financial system. This comes after a summer in which British lawns combusted in extreme heat and the Yangtze River dried up in China during most severe heat wave ever. The U.S. Southwest is currently being parched by its worst drought in 1,200 years, and a third of Pakistan is underwater. All of that has happened on a planet roughly 1.1 degrees Celsius (2 degrees Fahrenheit) warmer than it was in preindustrial times. As a new paper finds, another 0.4 degrees Celsius of warming could trigger “abrupt, irreversible, and dangerous i
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