Researcher predicts financial problems caused by Infrastructure damage, agricultural losses, caused by the droughts, floods, and hurricanes amplified by climate change. (Photo: Shutterstock)
(Bloomberg) –Climate change is becoming increasingly relevant to central bankers because losses from natural disasters that are magnified by higher temperatures and elevated sea levels could spark a financial crisis, a Federal Reserve Bank of San Francisco researcher found.
“Climate-related financial risks could affect the economy through elevated credit spreads, greater precautionary saving, and, in the extreme, a financial crisis,'' Glenn Rudebusch, the San Francisco Fed's executive vice president for research, wrote in a paper published Monday.
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