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There s a looming economic risk that could trigger the next financial crisis silhoutte of mountains during sunset In 2008, as big banks began failing across Wall Street and the housing and stock markets crashed, the nation saw how crucial financial regulation is for economic stability – and how quickly the consequences can cascade through the economy when regulators are asleep at the wheel. Today, there s another looming economic risk: climate change. Once again, how much it harms economies will depend a lot on how financial regulators and central banks react. Climate change s impact on economies isn t always obvious. Mark Carney, the former governor of the Bank of England, identified a series of climate change-related risks in 2015 that could shake the financial system. The rising costs of extreme weather, lawsuits against companies that have contributed to climate change and the falling value of fossil fuel assets could all have an impact.

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