Financial expert warns that climate change might tripper a financial crisis. Image source: Shutterstock (#432390118)
Paul Fisher, the former deputy head of the regulatory department of the Bank of England, said that climate change can be a risk for financial instability and can trigger a financial crisis. More extreme weather, for example, can cause a system-wide change of prices. He claims that political action, such as in the form of carbon tax, has economically a lower effect on the financial market than to remain passive towards climate change.
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