Climate change could be cause of next financial crisis: Report
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Life goes on as usual for these people in a flooded street after heavy rain hit parts of Dili city in East Timor last week. A report issued last week by the Bank for International Settlements warned that central bankers lack the tools to deal with what could be one of the biggest economic dislocations of all time.
PHOTO: EPA-EFE
FRANKFURT • Climate change has already been blamed for deadly bush fires in Australia, withering coral reefs, rising sea levels and ever more cataclysmic storms. Could it also cause the next financial crisis?
A report issued last week by an umbrella organisation for the world's central banks argued that the answer is yes, while warning that central bankers lack the tools to deal with what it says could be one of the biggest economic dislocations of all time.
