Climatechange:thesourceofanotherfincialcrisis?

2020-02-28 02:39:26作者:admin来源:未知

  Climate change: the source of another financial crisis? Reporter Yuan Yuan climate change has become one of the biggest threats facing the sustainable development of human society.Glenn, Executive Vice President Bush Rudy San Francisco Federal Reserve said in a report that climate change destroy infrastructure, causing crop failures, commodity prices, potential loan losses banks, and may even lead to financial crisis.This years European summer climate change issue once again to a climax.Climate scientists say, the past two weeks, temperatures in most parts of the world hit a record, it may make July the hottest months of the year to become the world.In recent years, due to extreme weather caused by global warming have become more frequent, socio-economic, ecological environment has brought a lot of adverse effects.Today, the discussion of climate anomalies had not limited the scope of meteorology, which is causing a serious challenge to the capital market.The European Central Bank has pointed out in the publication of the "Financial Stability Assessment Report" Climate risks may adversely affect the balance sheets of financial institutions, especially when the market is not pricing climate risk properly, it may affect the financial stability.Separate data showed that human influence on climate change not as the world faces an annual 23 trillion US dollars in economic losses, which caused permanent economic loss is four times the 2008 financial crisis.Therefore, the main indicators of the climatic factors to consider adding economic development is imminent.Abnormal weather threat of global data map financial system created under Swiss Crowther laboratory, 2050, New York had the cold winter will be as Virginia Beach as warm; cold and London will be like Barcelona, like hot and dry; wet Seattle will be in San Francisco dry climate.For the last month heat wave sweeping Europe, country, head of Londons Economist Intelligence Units John Ferguson said the "extreme heat wave in Europe slowdown."" Summer weather increased difficulty of the work, it could slow economic activity."Fergusons studies show that extreme weather, such as storms, floods and heat waves, so that some of the European economies lose up to 2% of GDP per year, valued at more than tens of billions of dollars.Consulting firm Moodys Analytics, said climate change could result in the loss of 69 trillion US dollars to the global economy in 2100.But reverse climate change is a long and difficult process.IMF "Finance and Development" Quarterly has published an article that mitigating climate change requires changes in the global energy system radically, including through the use of fiscal instruments to make energy prices better reflect environmental costs, as well as promoting cleaner Technological development.Adaptation to climate change will require increased investment, to promote infrastructure construction, enhance the ability of coastal areas to improve flood control and water supply systems of.More seriously, poor countries suffering the impact of climate change, but unable to fight back.Because the needs of these countries in terms of expenditures has been very great, and to find the resources needed to combat climate change is very limited space.Greater risk of climate change is also a threat to the financial system.Multi-country central banks have been aware of the risks of climate change caused by the financial system.The worlds major central banks warned that climate change coupled with poor management of low-carbon transition, could trigger a sudden collapse in asset prices and destroy the financial system.According to estimates, fossil fuels and bring a weather-related losses could only reach 1 trillion to $$ 4 trillion, if we consider the wider industry, this figure could reach $$ 20 trillion.Five members of the US federal government Rostin Bei Henan Commodity Futures Trading Commission also warned that climate change triggered by the financial risks associated with the mortgage crisis or comparable to the 2008 global financial crisis.Because if climate change lead to more instability and frequent extreme weather events will result in large financial product suppliers not been able to transfer the risk to a situation beyond their portfolios.While Benin is not the first person to draw attention to climate change market risk of financial regulatory agencies.In 2010, the US Securities and Exchange Commission began requiring baseline risks associated with climate change disclosure of listed companies.For example, Coca-Cola Company in its financial disclosures noted that water shortages caused by climate change pose a risk to their production chain and profitability; Some insurance companies also released a report stating that the industry faces the risk of more frequent extreme weather.In January, the California electricity supplier Pacific Gas and Electric Company declared bankruptcy, while facing related fires billions of dollars in liability costs.Experts said that this is causing wider economic damage early indicators of climate change.In the same month, the Bank of England said it plans to integrate climate change into their "doomsday scenario" stress tests, the bank is working to ensure that they have sufficient funds to withstand major financial shocks.In April, the worlds largest financial asset management company BlackRock found that electric utility stocks investors sell quickly in extreme weather, led to market volatility."Wall Street Journal" pointed out recently, posed by climate change is the biggest financial risk of new laws aimed at reducing carbon emissions.As Bank of England Governor Carney said, which could lead to hundreds of billions of dollars in oil, gas and coal assets worthless, and have a ripple effect throughout the financial system.Governments must involve a large number of re-allocation of capital in an effort to reduce carbon emissions, we can not adapt to the "new world" of companies and industries will cease to exist."Green QE" escalating doubts about the effectiveness of the financial risks caused by climate change.The World Bank and the worlds major central banks have taken note of this risk, and has already begun operations, including a call for the agencies operational integration of climate risk, reduce investment in carbon-intensive activities, such as promoting green forms of financing.The World Bank in 2008 had issued green bonds, aims to have a positive environmental benefit or benefit of climate change projects funded.Its just released the worlds first green bonds in international capital markets association and later coordinating the development of green bonds principles laid the foundation.Up to now, the World Bank has global institutional and retail investors 20 currency issued nearly 150 green bonds, the total funds raised $$ 13 billion.For the role of green bonds, the World Bank, in an article entitled "Green Bonds decade mind: to draw a blueprint for the sustainability of the capital market," the article said: green bonds to enhance the awareness of people on the challenges of climate change, show institutional investors through liquidity facilities, without losing income support climate smart financial investment, but also highlights the social value of fixed-income investments and the need for greater emphasis on transparency.At the same time, the worlds major central banks have achieved initial progress in managing climate risk.Held in Paris in December 2017 "Earth Summit", eight central banks and regulators to establish a regulatory system network Green Central Bank and the financial system.The organizations concerned about climate focus.Up to now, NGFS has grown to 42 members and eight observers, including China, on behalf of five mainland.In addition, the introduction of major central banks in macro-prudential standard green evaluation system to encourage green financing aspects also have demonstrated.Local time on July 14, "Wall Street Journal" published the French central bank governor Wheeler signed a letter of Rotorua.In a letter entitled "Climate change: financial risks for banks to form a" Tip of the letter, NGFS climate change as a source of financial risk.Wheeler Rotorua letter also pointed out that "the financial stability assessment of the Bank of France, I have suggested that the central bank should consider the impact of climate change on collateral.I added that to understand these potential impacts, the need to develop methods to accurately assess the impact of climate change on credit risk."In April this year, Wheeler Rotorua also with Bank of England Governor Carney at the Bank of England website jointly published an open letter calling on policymakers and the financial sector should be efforts in the following four aspects for a smooth transition to a low-carbon economy contribution power: first, central banks and financial companies should be climate-related risk monitoring into the daily supervision, financial stability monitoring and risk management system to the board of directors; secondly, the central bank should set an example of sustainable development into their portfolio management; again bridging the gap between data from different departments, strengthen risk assessment; and finally, the financial sector should be more cooperation, knowledge sharing financial risks associated with climate.UBS Asset Management Research shows that central banks must actively respond to climate change in their investment portfolio to protect its key priorities.Previously, Wheeler Rotorua had suggested that the European Central Bank green bonds can be given treatment is better than other assets, the loan will be used to fight global warming power.At the time of collateral assessment should take into account environmental score and credit rating.However, he also pointed out that he "seriously questioned" green QE idea. "."Some people think that the central bank can finance public projects related to environmental issues, but the legitimacy and effectiveness of its purchase of bonds is very doubtful, and therefore monetary policy-makers do not give the General Assembly to consider green QE preferential treatment .The so-called "green QE", refers to advocate for central banks to buy government-funded energy efficiency of the company or the issue of renewable energy bonds and any other type of investment in environmental protection projects.These purchases may lower borrowing costs of green projects, to help businesses and government green investments to reduce carbon emissions.However, the "green QE" can really slow down climate change, yet it was not.But so far, the European Central Bank is consistent with the Wheeler Rotorua attitude, refused to direct the use of monetary policy to support green finance, do not accept the use of quantitative easing bond holdings green.

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