Typical Insurance Journal. The headline is intentionally misleading. Climate change is NOT the threat to losses in finance. It is government (read liberal) tax and punish policies that are the threat.
From the article:
“Amid concerns about the amount of potential climate-linked credit risk on lenders’ balance sheets, banks in countries like Britain and France will also soon face climate stress tests on top of existing financial ones.
The Oliver Wyman analysis found that if carbon taxes were imposed at a level of $50 per tonne of carbon dioxide in two of the most polluting industries – power generation and oil and gas – this would result in estimated credit losses of between $50 billion to $300 billion in both sectors.”
But hey, who would read an article without the End of the Earth lead in?
Typical Insurance Journal. The headline is intentionally misleading. Climate change is NOT the threat to losses in finance. It is government (read liberal) tax and punish policies that are the threat.
From the article:
“Amid concerns about the amount of potential climate-linked credit risk on lenders’ balance sheets, banks in countries like Britain and France will also soon face climate stress tests on top of existing financial ones.
The Oliver Wyman analysis found that if carbon taxes were imposed at a level of $50 per tonne of carbon dioxide in two of the most polluting industries – power generation and oil and gas – this would result in estimated credit losses of between $50 billion to $300 billion in both sectors.”
But hey, who would read an article without the End of the Earth lead in?
Craig, the Hoaxer stories keep getting more bizarre by the week.