Mehrum coal-fired power plant in Hohenhameln, Germany in January 2020. Photo: dpa via AFP
US economist Joseph Stiglitz warns carbon pricing mismatch may trigger next global financial crisis
- Carbon prices will be much higher than current prices, and fossil fuel assets will come down, imposing enormous amounts of transition risks, says Stiglitz
- He warns of more severe version of 2008 global financial crisis by pointing out that carbon accounts for bigger piece of global economy than subprime mortgages
Mehrum coal-fired power plant in Hohenhameln, Germany in January 2020. Photo: dpa via AFP