Climate change poses serious financial risks. Perhaps the biggest systemic risk is a disorderly transition to a low carbon economy. As noted in the Bank of England’s ‘response to Climate Change’, current forecasts suggest that to keep global average temperatures below 2 degrees, around two-thirds of current fossil reserves must be left in the ground. […]
Josh Ryan-Collins is a Senior Economist at the New Economics Foundation where he leads work on macroeconomics and finance. He is the lead author of two books: Where Does Money Come From? and Rethinking the Economics of Land and Housing. He has broadcast experience on the BBC, Sky News and Radio 4 and his work has featured in the Guardian and Wall Street Journal.