mo4ch:>Ignoring climate risks will result in global recession ‘the likes of which we’ve never seen before’ – study | Mo4ch News

Extreme weather could cause a major economic recession around the globe, but we are still underestimating those risks, new research warns.“If the market doesn’t do a better job of accounting for climate, we could have a recession, the likes of which we’ve never seen before,” said Paul Griffin, an accounting professor at the UC Davis Graduate School of Management, who authored “Energy Finance Must Account for Extreme Weather Risk.”In a paper, published in the Nature Energy journal, he noted that the financial markets fail to link physical climate risk to company market valuations. One of the key messages of the report is that there is high “unpriced risk” in the energy market, which is exactly what caused 2008’s Great Recession.Also on rt.comThe $20 TRILLION threat that could trigger the next financial meltdown“Right now, energy companies shoulder much of that risk. The market needs to better assess risk, and factor a risk of extreme weather into securities prices,” he explained.Excess…