These are a few of the warnings published on Thursday by the Federal Reserve Bank of San Francisco regarding the financial risks of climate change. The collection of 18 papers by outside experts amounts to one of the most specific and dire accountings of the dangers posed to businesses and communities in the United States — a threat so significant that the nation’s central bank seems increasingly compelled to address it. The Federal Reserve has been slow to talk about climate risks compared with central banks in other countries. Already, the central bank is a frequent target of President Trump, who has criticized its interest-rate decisions for hindering economic growth. Yet the Fed has recently started speaking up on global warming and the dangers it poses to the financial system.

Source: New York Times October 17, 2019 17:26 UTC