Besides my showing you the science of climate change and the actual real world physical consequences of it (i.e. more and stronger hurricanes, more intense storms, melting glaciers, changes in the jet and gulf streams, tropical diseases moving north, flooding, mud slides, drought, fires, etc.) I have tried to alert you to the impact that a warmer climate is having and will have on our society. I have illuminated how climate change will alter industries such as real estate, insurance, energy, transportation and in addition immigration, geopolitics and military conflict. And I’ve documented how eventually the “experts” have been able to accept with empirical data the fact that everything I have been predicting is happening.
Once again, the highest levels of our society are affirming what I have been telling you forever! As reported in the New York Times and everywhere else on October 21, 2021:
U.S. Warns Climate Poses ‘Emerging Threat’ to Financial System
Click here to access the full article or google it.
Duh!!~!~ What took them so long?
“Climate change is an “emerging threat” to the stability of the U.S. financial system, top federal regulators warned in a report on Thursday…
The report, produced by the Financial Stability Oversight Council, is the clearest expression of alarm to date about the risks that rising temperatures and seas pose to the economy and could herald sweeping changes to the kinds of investments made by banks and other financial institutions…
The report by the Financial Stability Oversight Council, which is led by the Treasury secretary and includes leaders from the major financial regulatory agencies, portrayed the financial threat of climate change in stark terms. Higher temperatures are leading to more natural disasters, such as hurricanes, wildfires and floods. These, in turn, are resulting in damaged property, lost income and disruptions to business activity that threaten to alter how assets, such as real estate, are valued.
At the same time, the move away from fossil fuels could cause a sudden drop in the price of stocks and other assets tied to oil, gas, coal and other energy companies, or sectors that rely on them such as carmakers and heavy manufacturing. Such a shift could hurt the stock market, retirement savings and other parts of the financial sector.
“The financial sector may experience credit and markets risks associated with loss of income, defaults and changes in the value of assets,” the report said, adding that liquidity and legal risks are also concerns.
The council warned that low-income communities and people of color were disproportionately at risk from climate change because they lacked the resources to protect their properties and weather a loss of income. This dynamic threatens to exacerbate income inequality in the United States.”
Usually I don’t incorporate such long quotes in the body of these posts but this was so sweeping that I wanted to give you the full impact of what is being said without you having to leave this page.
This next article from Bloomberg reiterates how the above will play out in one respect. I’ve written about this several times before but here is the current iteration published on October 20, 2021.
The World Needs a Plan for Stranded Assets
Fighting climate change involves financial and economic risk.
https://www.bloomberg.com/opinion/articles/2021-10-20/climate-risk-the-world-needs-to-plan-for-stranded-assets?sref=pD2ECzY4
“The idea that trillions of dollars of ports, coal mines, oil deposits and more might be rendered worthless by efforts to address climate change certainly isn’t new.”
“Moody’s says that financial firms across the world’s largest economies have$22 trillion of loans and investments that will be affected by the transition away from carbon — but shocks will reverberate far beyond finance.”
“Meanwhile, billions of dollars are still being invested in projects that won’t be economically viable”
In previous posts I’ve reported on some oil companies that are already writing off multi BILLIONS of dollars of assets. (https://franklytalking.com/update-several-themes-all-going-as-predicted/ and https://franklytalking.com/how-close-it-the-prescipice/) This is just a pinprick of what’s going to be coming.
Turning back to science and the cause of all the trouble, in case you still are harboring any doubt there’s this from the Guardian on October 22, 2021.
‘Case Closed’: 99.9% of Scientists Agree Climate Emergency Caused by Humans
Trawl of 90,000 studies finds consensus, leading to call for Facebook and Twitter to curb disinformation
https://www.theguardian.com/environment/2021/oct/19/case-closed-999-of-scientists-agree-climate-emergency-caused-by-humans?mc_cid=df248b4553&mc_eid=8f4760cc57
“It is really case closed. There is nobody of significance in the scientific community who doubts human-caused climate change,”
Unfortunately,
“The general public does not yet understand how certain experts are, nor is it reflected in political debate. This is especially true in the US, where fossil fuel companies have funded a disinformation campaign that falsely suggests the science is not yet settled, similar to the campaign by tobacco industries to cast doubt on the link between smoking and cancer.”
But while the “general public” hasn’t yet gotten the message yet (read Republicans because virtually everyone else does believe it) the more people have a personal experience with climate related disaster the more the public is believing that there is personal risk to their lives, property, way of life and financial security. From Axios October 15, 2021.
Americans Perceive a Rise in Extreme Weather, Pew Finds
https://www.axios.com/americans-extreme-weather-pew-democrat-republican-6d2a45b1-56e1-491f-b2e4-6cdde6ba63f9.html?mc_cid=746ef1dd96&mc_eid=8f4760cc57
Two-thirds of Americans say extreme weather events in the U.S. have been occurring more frequently than in the past, while only 28% said they’ve been taking place about as often, and just 4% perceiving a dropoff in frequency.
So far in 2021, the U.S. has seen a record 18 billion dollar extreme weather events.
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When it comes to extreme weather events in their backyards, 46% of U.S. adults say the area where they live has had an extreme weather event over the past year.
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The area with the greatest number of people reporting an extreme weather event was the South Central Census Division. It includes Louisiana, a state hit hard by Hurricane Ida and heavy rainfall events.
Yes, but: Even on perceptions of extreme weather events, there is a partisan split, the survey found, with Democrats and Democratic-leaning independents more likely to report experiencing extreme weather than Republicans and Republican-leaning independents.
Let me leave it at that today. I’ve given you enough to chew on for now.
