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Floods, wildfires, and catastrophic storms are becoming all too frequent. If the earth warms 4 degrees over the next 80 years as its currently estimated, global economic losses could mount to $23 trillion per year-- far larger than the 2008 financial crisis.
These are a few examples of destabilizing losses for insurance companies, banks, and other financial intermediaries that can be interconnected and transmit risk across the financial system.
That’s why I introduced the Climate Change Financial Risk Act with @SenBrianSchatz to task the @federalreserve & @USTreasury to ensure our financial system is adequately prepared for the effects of the #ClimateCrisis.
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