Climate Change Could Blow Up the Economy. Banks Aren't Ready.

FRANKFURT, Germany — Climate change has already been blamed for deadly bush fires in Australia, dying coral reefs, rising sea levels and ever more cataclysmic storms. Could it also cause the next financial crisis?

Central banks spent much of the past 10 years hauling their economies out of a deep financial crisis that began in 2008. They may well spend the next decade coping with the disruptive effects of climate change and technology, the report said. Story continuesThe ECB formally began the review Thursday, saying it would be done by the end of the year. The review will focus on how to steer inflation in the eurozone, the bank’s main job, while also considering “the threat to environmental sustainability, rapid digitalization, globalization and evolving financial structures.”

Digital currencies like Bitcoin and Libra, Facebook’s planned offering, bypass central banks and could undermine their control of the monetary system. One solution is for central banks to get into the digital currency business themselves. Climate change also takes central banks into uncharted territory. Think the subprime crisis in 2008 was bad? Imagine a real estate crisis caused by rising sea levels and coastal flooding that renders thousands of square miles of land uninhabitable or useless for farming.

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