Climate Change Is a Source of Financial Risk

Glenn Rudebusch

FRBSF Economic Letter, 2021, vol. 2021, issue 03, 01-06

Abstract: The ongoing trend of climate change—including higher temperatures and more extreme weather—will result in economic and financial losses for many businesses, households, and governments. Moreover, the uncertainty about the severity and timing of these losses is a source of financial risk. Recently, the Federal Reserve joined other financial regulators to warn that such climate-related financial risk may threaten the safety and soundness of individual financial institutions and the stability of the overall financial system.

Date: 2021
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