{"id":46656,"date":"2019-06-15T10:17:40","date_gmt":"2019-06-15T15:17:40","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46656"},"modified":"2019-06-15T10:17:43","modified_gmt":"2019-06-15T15:17:43","slug":"climate-change-could-trigger-global-financial-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46656","title":{"rendered":"Climate Change Could Trigger Global Financial Crisis"},"content":{"rendered":"\n

Climate Change Could Trigger Global Financial Crisis<\/a><\/h3>\n\n\n\n
\"NYSE\"\/<\/figure>\n\n\n\n

A top U.S. financial regulator is worried that climate change could threaten global financial markets.<\/p>\n\n\n\n

Rostin Behnam, a commissioner at the Commodity Futures Trading Commission (CFTC), said that the financial system was at risk from the growing frequency and severity of storms. \u201cThe impacts of climate change affect every aspect of the American economy \u2013 from production agriculture to commercial manufacturing and the financing of every step in each process,\u201d Behnam said<\/a> at the meeting of the CFTC\u2019s market risk advisory committee on Wednesday. \u201cAs most of the world\u2019s markets and market regulators are taking steps towards assessing and mitigating the current and potential threats of climate change, we in the U.S. must also demand action from all segments of the public and private sectors, including this agency.\u201d<\/p>\n\n\n\n

He added: \u201cOur commodity markets and the financial markets that support them will suffer if we do not take action to mitigate the risk of contagion.\u201d<\/p>\n\n\n\n

The message is not necessarily a new one, but it is significant since it comes from the CFTC, which is not exactly a hippy enclave. Also of significance is the fact that Behnam was appointed to the CFTC by President Trump, although by law the vacancy that he filled had to be a Democrat.<\/p>\n\n\n\n

Behnam will help setup a panel of experts to study the risks to the financial system from climate change.<\/p>\n\n\n\n

\u201cIf climate change causes more volatile frequent and extreme weather events, you\u2019re going to have a scenario where these large providers of financial products \u2014 mortgages, home insurance, pensions \u2014 cannot shift risk away from their portfolios,\u201d Benham said in an NYT interview<\/a>. \u201cIt\u2019s abundantly clear that climate change poses financial risk to the stability of the financial system.\u201d Related: OPEC\u2019s Struggle To Avoid $40 Oil<\/a><\/strong><\/p>\n\n\n\n

\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Climate Change Could Trigger Global Financial Crisis A top U.S. financial regulator is worried that climate change could threaten global financial markets. Rostin Behnam, a commissioner at the Commodity Futures Trading Commission (CFTC), said that the financial system was at risk from the growing frequency and severity of storms. \u201cThe impacts of climate change affect […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[141,1849,2240,6010,26056],"class_list":["post-46656","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-climate-change","tag-financial-markets","tag-global-financial-crisis","tag-nick-cunningham","tag-rostin-behnam"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46656"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46656\/revisions"}],"predecessor-version":[{"id":46657,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46656\/revisions\/46657"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}