Guy R. McPherson, PhD is an American scientist, professor emeritus of natural resources and ecology and evolutionary biology at the University of Arizona.
‘Uninsurable and Unhedgeable’: Central Banks Warn of Financial Crisis from Climate Change
A future climate disaster, or “green swan” event, could bring down the global financial system, according to a new report from the Bank for International Settlements (BIS), an international financial organization that serves as a bank for central banks around the world.
Like black swan events, “green swan” events will be very difficult to predict and will hit with little warning. The potential for a cascading series of crises stemming from climate change threatens global financial stability, and the world’s central banks are not equipped to respond to them, or even predict what exactly might unfold, the 100-page BIS report said.
