<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><span style="font-family: "Crimson Text", "Times New Roman", Times, Georgia, serif; font-size: 16.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">"Severe weather events are followed by equally extreme financial costs. As Morgan Despres, Head of the Secretariat of the Network for Greening the Financial System (NGFS), told </span><span style="box-sizing: inherit; font-style: italic; font-family: "Crimson Text", "Times New Roman", Times, Georgia, serif; font-size: 16.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">World Finance</span><span style="font-family: "Crimson Text", "Times New Roman", Times, Georgia, serif; font-size: 16.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255);" class="">: 'Climate change will affect the global economy, </span><span style="font-family: "Crimson Text", "Times New Roman", Times, Georgia, serif; font-size: 16.8px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 251, 0);" class="">and so the financial system that supports it.’ ”</span><div class=""><div style="orphans: 2; widows: 2;" class=""><font face="Crimson Text, Times New Roman, Times, Georgia, serif" size="3" class=""><span style="background-color: rgb(255, 255, 255);" class=""><br class=""></span></font></div><div style="orphans: 2; widows: 2;" class=""><font face="Crimson Text, Times New Roman, Times, Georgia, serif" size="3" class=""><span style="background-color: rgb(255, 255, 255);" class=""><a href="https://www.worldfinance.com/markets/climate-change-continues-to-wreak-havoc-on-the-global-economy" class="">https://www.worldfinance.com/markets/climate-change-continues-to-wreak-havoc-on-the-global-economy</a></span></font></div><div class="">
<div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class=""><span style="-webkit-font-kerning: none;" class=""><br class="Apple-interchange-newline">=====================</span></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class=""><span style="-webkit-font-kerning: none;" class="">“Booms have consequences.”</span></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class=""><span style="-webkit-font-kerning: none;" class=""><br class=""></span></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class=""><span style="-webkit-font-kerning: none;" class="">James Grant. <i class="">Money of the Mind : Borrowing and Lending in America from the Civil War to Michael Milken.</i> Farrar Straus Giroux. 1992.</span></div><div style="caret-color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px 0px 0.1px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34);" class=""><span style="-webkit-font-kerning: none;" class="">——————————————————————————</span></div><div style="caret-color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px 0px 0.1px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34);" class=""><span style="-webkit-font-kerning: none;" class=""><br class=""></span></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class="">“The growth in CO2 emissions closely follows the growth in Gross Domestic Product (GDP) corrected for improvements in energy efficiency.”</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal; min-height: 16px;" class=""><br class=""></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class="">P. Friedlingstein, et al. “Update on CO2 emissions.” </div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class=""><i class="">Nature Geoscience. </i>Published online: 21 November 2010</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px 0px 0.1px; font-stretch: normal; line-height: normal;" class=""><span style="-webkit-font-kerning: none;" class="">~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</span></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px 0px 0.1px; font-stretch: normal; line-height: normal;" class="">“Changes in world GDP (WGDP) have a significant effect on CO2 concentrations, so that years of above-trend WGDP are years of greater rise of CO2 concentrations.”</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal; min-height: 16px;" class=""><br class=""></div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px; font-stretch: normal; line-height: normal;" class="">Granados et al. Climate change and the world economy: short-run determinants of atmospheric CO2. <i class="">Environmental science & policy</i> 21 (2012) 50–62</div><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: "Times New Roman"; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; margin: 0px 0px 0.1px; font-stretch: normal; line-height: normal;" class=""><br class=""></div>
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