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Financial risks and opportunities in the time of climate change

Author(s): Dirk Schoenmaker and Rens van Tilburg
The current unsustainable use of our environment can lead to financial crisis. To address this risk, financial institutions should measure their exposure to ecological imbalances using methodologies such as carbon and natural capital accounting.

From Bruegel:

Real economic imbalances can lead to financial crisis. The current unsustainable use of our environment is such an imbalance. Financial shocks can be triggered by either intensified environmental policies, cleantech breakthroughs (both resulting in the stranding of unsustainable assets), or the economic costs of crossing ecological boundaries (eg floods and droughts due to climate change). Financial supervisors and risk managers have so far paid little attention to this ecological dimension, allowing systemic financial imbalances resulting from ecological pressures to build up. Inattention also leads to missed economic and financial opportunities from the sustainability transition.

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