NY Fed VP - Warming-Related Extreme Weather Has Cost The US $500 Billion In Past Five Years
Climate and weather-related events have directly cost the US more than $500 billion over the past five years, according to Kevin Stiroh, an executive vice president at the New York Fed who is responsible for bank regulation. "Climate change has significant consequences for the US economy and financial sector through slowing productivity growth, asset revaluations and sectoral reallocations of business activity," Stiroh said at the GARP Global Risk Forum in New York on Thursday.
In addition to causing severe damage to natural resource and infrastructure damage, global warming is expected to disrupt business operations and economic activity in the coming years. Stiroh said climate-related changes raised the potential for losses related to policy changes, consumer sentiment, and how technological innovations affect the value of certain assets and liabilities.
"These effects will be felt across business sectors and asset classes, and on the strategies, operations and balance sheets of financial firms," Stiroh said.
Fed Chairman Jay Powell told Congress this year that while addressing climate change fell under the direction of other agencies, the central bank would "use its authorities and tools to prepare financial institutions for severe weather events." Others in Washington have issued similar warnings.
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