Climate change — and the lack of timely, consistent action to address it — is driving the world toward a new financial crisis. Indeed, senior regulators are increasingly warning that this will cause a collapse similar to the 2008 Great Recession. The head of the European Environment Agency recently warned that the European Union is at a “higher and higher” risk of systemic financial shock as the planet warms up. This follows similar alerts from U.S. Treasury Secretary Janet Yellen, President of the European Central Bank Christine Lagarde and Mark Carney, former governor of the Bank of England — as well as from financial experts at the London School of Economics' Grantham Institute.
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