Climate change could bring about a global recession “the likes of which we’ve never seen before,” financial experts cautioned this week.
Experts published the commentaries in the journal Nature Energy this week. It looks at how the effects of worsening extreme weather are largely unaccounted for in financial markets, despite increasing awareness from analysts.
The experts caution that the fossil fuel industry has been particularly lax in accounting for climate risk and changes in the regulatory landscape. Both of which could have a major impact on markets.
Climate litigation “could shift in the direction of favoring the plaintiffs in these cases, so that could lay on the energy sector quite a substantial litigation liability,” commentary author Paul Griffin told Earther.