So far this year, there were 18 weather and climate disasters, including two tornado outbreaks and massive wildfires, with each disaster costing at least $1 billion. Yellen warns that climate change could trigger asset value losses and harm U.S. economy:
WASHINGTON -Climate change is already having a major economic and financial impact on the United States and may trigger asset value losses in coming years that could cascade through the U.S. financial system, Treasury Secretary Janet Yellen will warn on Tuesday.
She said severe storms and wildfires in states like California, Florida, and Louisiana, tornadoes across the South and intensifying storms on the West Coast show how climate change is accelerating. Yellen said the new Climate-related Financial Risk Advisory Committee, set up last October by the Financial Stability Oversight Council , would boost U.S. efforts to mitigate the risks that climate change poses to financial stability.
The Federal Insurance Office has also issued a proposal to collect data from insurers to assess climate risk, and the Fed in January said it would conduct a pilot climate scenario analysis to study the bank's climate risk-management practices.
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