A sign warning of extreme heat danger on August 17, 2020 in Death Valley National Park, California, after the temperature hit 54 degrees Celsius, possibly the hottest recorded on Earth since at least 1913. Photo: AFP A sign warning of extreme heat danger on August 17, 2020 in Death Valley National Park, California, after the temperature hit 54 degrees Celsius, possibly the hottest recorded on Earth since at least 1913. Photo: AFP
A sign warning of extreme heat danger on August 17, 2020 in Death Valley National Park, California, after the temperature hit 54 degrees Celsius, possibly the hottest recorded on Earth since at least 1913. Photo: AFP
Karl Schmedders
Opinion

Opinion

Macroscope by Karl Schmedders and Rick van der Ploeg

Climate financial risk is real and, like in 2008, the deniers are wrong

  • Unlike the 2008 global financial crisis – when banks were bailed out and global financial regulation overhauled – unmitigated climate change will lead to a crisis with irreversible outcomes. Climate-related financial regulation is urgently needed

A sign warning of extreme heat danger on August 17, 2020 in Death Valley National Park, California, after the temperature hit 54 degrees Celsius, possibly the hottest recorded on Earth since at least 1913. Photo: AFP A sign warning of extreme heat danger on August 17, 2020 in Death Valley National Park, California, after the temperature hit 54 degrees Celsius, possibly the hottest recorded on Earth since at least 1913. Photo: AFP
A sign warning of extreme heat danger on August 17, 2020 in Death Valley National Park, California, after the temperature hit 54 degrees Celsius, possibly the hottest recorded on Earth since at least 1913. Photo: AFP
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Karl Schmedders

Karl Schmedders

Karl Schmedders is Professor of Finance at the Institute for Management Development.

Rick van der Ploeg

Rick van der Ploeg

Rick van der Ploeg is Professor of Economics and research director of the Oxford Centre for the Analysis of Resource-Rich Economies at the University of Oxford.