First-of-its-Kind Report Finds Climate Change Poses 'Major Risk' to U.S. Financial System
A massive, first-of-its-kind report, commissioned by Trump appointees and compiled by dozens of analysts from firms across the economy, says "climate change poses a major risk to the stability of the U.S. financial system and to its ability to sustain the American economy."
The findings themselves are not entirely new, but the fact that they were published by the Commodity Futures Trading Commission, the regulatory body charged with overseeing the complex financial instruments that set the prices of commodities like corn, wheat, and oil, carries significant importance.
This is the first federal government report of its kind to focus on the effects of climate change on financial markets.
"It was shocking when they asked me to do this," Robert Litterman, the chairman of the panel that produced the report and a founding partner of Kepos Capital, told the New York Times.
"This is members of the entire community involved in financial markets saying with one voice, 'This is a serious problem, and it has to be addressed.'"
For a deeper dive:
- Elizabeth Warren's Climate Risk Disclosure Act Tries to Do What the ... ›
- Climate Change Named Biggest Global Threat in New WEF Risks ... ›
- 13 Must-Read Climate Change Reports for 2020 - EcoWatch ›
- Climate Crisis: Is It Time to Ditch Economic Growth? - EcoWatch ›
People across New England witnessed a dramatic celestial event Sunday night.
EcoWatch Daily Newsletter
By David Reichmuth
Over the last month, I've seen a number of opinion articles attacking electric vehicles (EVs). Sadly, this comes as no surprise: now that the Biden administration is introducing federal policies to accelerate the roll out of electric vehicles, we were bound to see a reaction from those that oppose reducing climate changing emissions and petroleum use.
The majority of EVs sold in 2020 were models with a starting price (Manufacturers Suggested Retail Price) under $40,000 and only a fifth of models had a starting price over $60,000.
On Friday, China set out an economic blueprint for the next five years, which was expected to substantiate the goal set out last fall by President Xi Jinping for the country to reach net-zero emissions before 2060 and hit peak emissions by 2030.
The Great Trail in Canada is recognized as the world's longest recreational trail for hiking, biking, and cross-country skiing. Created by the Trans Canada Trail (TCT) and various partners, The Great Trail consists of a series of smaller, interconnected routes that stretch from St. John's to Vancouver and even into the Yukon and Northwest Territories. It took nearly 25 years to connect the 27,000 kilometers of greenway in ways that were safe and accessible to hikers. Now, thanks to a new partnership with the Canadian Paralympic Committee and AccessNow, the TCT is increasing accessibility throughout The Great Trail for people with disabilities.
Trans Canada Trail and AccessNow partnership for AccessOutdoors / Trails for All project. Mapping day at Stanley Park Seawall in Vancouver, British Columbia with Richard Peter. Alexa Fernando<p>This partnership also comes at a time when access to outdoor recreation is more important to Canadian citizens than ever. <a href="https://www150.statcan.gc.ca/n1/daily-quotidien/200527/dq200527b-eng.htm" target="_blank" rel="noopener noreferrer">Studies from the spring of 2020</a> indicate that Canadian's <a href="https://www.bnnbloomberg.ca/moneytalk-mental-health-during-covid-19-1.1567633" target="_blank" rel="noopener noreferrer">mental health has worsened</a> since the onset of social distancing protocols due to COVID-19. </p><p>The <a href="https://www.mayoclinic.org/diseases-conditions/coronavirus/in-depth/safe-activities-during-covid19/art-20489385" target="_blank" rel="noopener noreferrer">Mayo Clinic</a> lists hiking, biking, and skiing as safe activities during COVID-19. Their website explains, "When you're outside, fresh air is constantly moving, dispersing these droplets. So you're less likely to breathe in enough of the respiratory droplets containing the virus that causes COVID-19 to become infected."</p><p>TCT leadership took this into consideration when embarking on the accessibility project. McMahon explains that there has never been a more important time to bring accessibility to the great outdoors: "Canadians have told us that during these difficult times, they value access to natural spaces to stay active, take care of their mental health, and socially connect with others while respecting physical distancing and public health directives. This partnership is incredibly important especially now as trails have become a lifeline for Canadians."</p><p>Together, these organizations are paving the way for better physical and mental health among all Canadians. To learn more about the TCT's mission and initiatives, check out their <a href="https://thegreattrail.ca/stories/" target="_blank">trail stories</a> and <a href="https://thegreattrail.ca/wp-content/uploads/2021/01/TCT_2020-Donor-Impact-Report_EN_8.5x14-web.pdf" target="_blank">2020 Impact Report</a>.</p>