The American Prospect
•79% Informative
Climate activists plan to march to the Federal Reserve Bank of New York .
Climate change threatens bankers as it does everyone, says Julian Zelizer .
Zelizer: The world’s financiers shouldn’t expect to escape unscathed from the fires and floods, even if they helped cause them by funding a rapacious fossil fuel industry.
The world’s 60 largest private banks have provided more than $5.5 trillion in financing to the fossil fuel industry since 2016 .
The same banks are currently carrying $1.35 trillion of exposures to fossil fuel assets.
The Federal Reserve has numerous mechanisms it could use to mitigate climate-related financial risks.
To refuse to regulate Wall Street’s compulsive lending to doomed fossil fuel companies is to tacitly endorse their behavior.
Other central banks outside the U.S. have acknowledged this truth, though hesitantly.
Any financial system ultimately rests on the real economy, and if farms are flooded and factories destroyed, everything is going get more expensive.
VR Score
81
Informative language
81
Neutral language
19
Article tone
formal
Language
English
Language complexity
62
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
External references
45
Source diversity
31
Affiliate links
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