[MCN] US Federal Reserve Bank can no longer ignore financial shocks from climate change

[Lance Olsen]

MarketWatch Published: Nov 8, 2019
Fed can no longer ignore potential economic 'shocks' of climate change: Brainard

By RACHEL KONING BEALS
NEWS EDITOR
https://www.marketwatch.com/story/fed-can-no-longer-ignore-potential-economic-shocks-of-climate-change-brainard-2019-11-08? <https://www.marketwatch.com/story/fed-can-no-longer-ignore-potential-economic-shocks-of-climate-change-brainard-2019-11-08?>

Climate change is just the kind of "shock" to the economy that the Federal Reserve can no longer ignore, Fed Governor Lael Brainard said Friday. Not only are there short-term natural disasters like the wild fires in California to consider, there are potential longer-term implications as well, she said. "To the extent that climate change and the associated policy responses affect productivity and long-run economic growth, there may be implications for the long-run neutral level of the real interest rate, which is a key consideration in monetary policy," Brainard said, at a first-of-its-kind Fed summit to focus on the economic and policy affects of climate change, hosted by the San Francisco Fed. Brainard said the Fed is monitoring how climate change effects the banking system's operations, the impact of climate policies on the energy sector and how weather affects the economy
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IPCC
“Limiting global warming to 1.5°C would require rapid, far-reaching and unprecedented changes in all aspects of society.” 

First sentence of IPPC Special Report on 1.5C Summary for Policy Makers.

<<https://www.ipcc.ch/2018/10/08/summary-for-policymakers-of-ipcc-special-report-on-global-warming-of-1-5c-approved-by-governments/ <https://www.ipcc.ch/2018/10/08/summary-for-policymakers-of-ipcc-special-report-on-global-warming-of-1-5c-approved-by-governments/>>>

Greta Thunberg
"So if we are to stay below the 1.5 degrees of warming limits …, we need to change almost everything.”

"Everyone and everything needs to change."

<<https://www.straight.com/news/1258421/video-swedish-teenager-greta-thunberg-urges-wealthy-people-stop-stealing-others-carbon <https://www.straight.com/news/1258421/video-swedish-teenager-greta-thunberg-urges-wealthy-people-stop-stealing-others-carbon>>>






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