[MCN] FYI re seriousness of the climate crisis

[Lance Olsen]

Reuters  JANUARY 20, 2020 

Central banks can't save the world from climate change, BIS says

Marc Jones <https://www.reuters.com/journalists/marc-jones>, John Revill <https://www.reuters.com/journalists/john-revill>
<<https://www.reuters.com/article/us-climatechange-cenbank-bis/central-banks-cant-save-the-world-from-climate-change-bis-says-idUSKBN1ZJ19E <https://www.reuters.com/article/us-climatechange-cenbank-bis/central-banks-cant-save-the-world-from-climate-change-bis-says-idUSKBN1ZJ19E>>>

Excerpts

BASEL/LONDON (Reuters) - Central banks can’t be expected to save the world from climate change, a new book by the Bank for International Settlement said on Monday, urging instead global co-ordination ranging from government policy to financial regulation.

“I think we might be on the brink of observing something that might be behind the next systemic financial crisis,” Luiz Awazu Pereira Da Silva, one of the book’s main authors, told reporters.

If the more extreme climate scenarios start to play out, central banks, having played a vital role in the financial crisis, might be asked to step in as the “climate rescuer of last resort”.

“A new global financial crisis triggered by climate change would render central banks and financial supervisors powerless,” the BIS book, which was also led by the Bank of France, said. “We cannot be the only game in town”.

For full report click www.bis.org/publ/othp31.htm <https://www.bis.org/publ/othp31.htm>
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“A new area of study is the field that some of us are beginning to call social traps. The term refers to situations in society that contain traps formally like a fish trap, where men or whole societies get themselves started in some direction or some set of relationships that later prove to be unpleasant or lethal and that they see no easy way to back out of or to avoid."

John Platt. Social Traps. American Psychologist, August 1973

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“Our results indicate that terrestrial ecosystems are highly sensitive to temperature change and suggest that, without major reductions in greenhouse gas emissions to the atmosphere, terrestrial ecosystems worldwide are at risk of major transformation.”

Nolan et al. Past and future global transformation of terrestrial ecosystems under climate change. 
Science 31 August 2018 



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