“In a world turned upside down by COVID-19, it is difficult to keep track of the remorseless impacts that are being inflicted by global climate change. Yet, the science becomes clearer and clearer by the day, and the impacts are steadily affecting financial markets, themselves roiled by the virus. The connections between climate change and pandemics have become ever more salient. Both are a constant presence in our world that can periodically flare up and ravage cities, regions, or even – as we are presently witnessing – the world. The pandemic response playbook has been known, if not followed, for some time. But the playbook on how to leverage the financial system to combat climate change, and to insulate it from its worst effects, is a work in progress. Therefore, we believe it is more important than ever before to focus on the complex interaction between climate change, financial markets, and financial stability.”
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