"WASHINGTON — Climate change threatens to create turmoil in the financial markets, and the Federal Reserve and other regulators must act to avoid an economic disaster, according to a letter sent on Tuesday by a group of large investors.
“The climate crisis poses a systemic threat to financial markets and the real economy, with significant disruptive consequences on asset valuations and our nation’s economic stability,” reads the letter, which was signed by more than three dozen pension plans, fund managers and other financial institutions that together manage almost $1 trillion in assets.
That financial threat, combined with the physical risks posed by climate change, may create “disastrous impacts the likes of which we haven’t seen before,” the letter says. It urges the Fed, the Securities and Exchange Commission and other agencies to “explicitly integrate climate change across your mandates.”"
Christopher Flavelle reports for the New York Times July 21, 2020.
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