Researcher predicts financial problems caused byInfrastructure damage, agricultural losses, caused by the droughts,floods, and hurricanes amplified by climate change. (Photo:Shutterstock)
(Bloomberg) –Climate change is becoming increasingly relevant tocentral bankers because losses from natural disasters that aremagnified by higher temperatures and elevated sea levels couldspark a financial crisis, a Federal Reserve Bank of SanFrancisco researcher found.
“Climate-related financial risks could affect the economythrough elevated credit spreads, greater precautionary saving, and,in the extreme, a financial crisis,'' Glenn Rudebusch, the SanFrancisco Fed's executive vice president for research, wrote in apaper published Monday.
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