Treasury Secretary Janet Yellen Warns Climate Change Could Cause Losses That “Cascade through the Financial System

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Treasury Secretary Janet Yellen Warns Climate Change Could Cause Losses That “Cascade through the Financial System
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Treasury Secretary Janet Yellen warned Tuesday that climate change is already taking a significant economic toll and could cause extensive losses to the U.S. financial system in the coming years. Yellen made the remarks during the first meeting with the Climate-related Financial Risk Advisory Committee (CFRAC), an advisory board that was set up last year by the Financial Stability Oversight Council in an effort to bolster U.S. action to minimize climate risk to the economy. “As climate change intensifies, natural disasters and warming temperatures can lead to declines in asset values that could cascade through the financial system,” she said during the meeting. “A delayed and disorderly transition to a net-zero economy can lead to shocks to the financial system as well.”

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