Photo: Getty Images On Tuesday, President Trump called himself “the great environmentalist,” a claim undermined by his administration’s decision implemented last Tuesday to allow coal companies to more easily pollute nearby waterways with potentially cancerous byproducts. But a new report from the president’s Commodity Futures Trading Commission could possibly — but not likely — change the perspective of some members of his party concerned with the economy, if not the environment.
The report, obtained by the New York Times and expected to be released on Wednesday, determines that “a world wracked by frequent and devastating shocks from climate change cannot sustain the fundamental conditions supporting our financial system.
“This is the first time a government entity has looked at the impacts of climate change on financial markets in the U.S.,” Robert Litterman, an investment adviser and the chairman of the panel that produced the report, told the Times. “Rather than saying, ‘What’s the science?’ this is saying, ‘What’s the financial risk?’”
The authors of the report — which include representatives from Morgan Stanley, the agricultural trader Cargill, and the oil companies BP and ConocoPhillips — also addressed the similarity between the 2008 financial crisis and climate-related volatility. However, they noted that financial challenges stemming from a more chaotic planet would not hit simultaneously.
To help prepare for the risk, the report from the commission recommends that the Financial Stability Oversight Council, created by the Treasury Department after the 2008 crisis, includes climate risk in its annual assessment.
DanKEberhart, what do you think is better for business?
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