BASEL - Climate change threatens to provoke"green swan" events that could trigger a systemic financial crisis unless authorities act against such risks, according to the Bank for International Settlements .
"Traditional approaches to risk management consisting in extrapolating historical data and on assumptions of normal distributions are largely irrelevant to assess future climate-related risks." Bank of France Governor Francois Villeroy de Galhau, in an introduction to the paper, argued that"in order to navigate these troubled waters, more holistic perspectives become essential."
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