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Fed Says Climate Losses of $500 Billion Show Threat to Economy

Nov. 7, 2019, 8:20 PM

Climate change is a threat that risk managers can’t ignore, warned a senior official from the U.S. central bank.

“The U.S. economy has experienced more than $500 billion in direct losses over the last five years due to climate and weather-related events,” Federal Reserve Bank of New York Executive Vice President Kevin Stiroh told a risk forum on Thursday at the bank.

Disasters from devastating wildfires in California to storms pounding Eastern Seaboard cities have pushed climate change higher on the U.S. agenda, even as President Donald Trump formally begins withdrawing the country from the Paris climate accord.

The New ...