Wall Street’s denial of climate dangers is setting us up for a 2008-style financial explosion where “risk spreads in a way that cannot be contained or isolated”.Graham Steele, Stanford Graduate School of Business, December 2019
You can pretty much hear it now. It’s like being in a forest and hearing the leaves rustling in the tops of trees, just before the storm hits. Then it comes with a roar, everything shakes, and we look around wondering what will fall – and will it fall on us.
This is how I see the global economy and climate change. Everything is ready, everyone knows it’s coming, we’re just waiting for the storm to hit.
When it does, it will be the climate emergency meets financial contagion.1 When the global market flips to FOMO2 – from fear of acting too early, to fear of being left behind as everyone races for the exits.