Lack of Action on Climate Change Will Lead to a Massive Financial Crash
BY LEO VIDAL at Politicus USA
https://www.politicususa.com/2018/12/10/lack-of-action-on-climate-change-will-lead-to-a-massive-financial-crash.html
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The world’s largest investors, who manage over $32 trillion in financial assets, joined together toissue a strong warning to governments at the U.N. climate summit on Monday.
Without huge reductions in carbon emissions, and the phasing out of all coal burning, the world faces a financial crash several times worse than the 2008 crisis, they said.
The joint statement from investors representing the world’s biggest investment funds was noteworthy. It is the first time so many major investors had joined together to express their fears — and their demands — to governments of the world.
Their solution is simple — they say fossil fuel subsidies must end and substantial taxes on carbon be introduced. But getting agreement to implement their solution will be difficult.
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