Climate Change Inaction: An Act of Economic Malfeasance, Warns Whitehouse

The Three Eras of Climate Change

• 🔬 The first era was the science era, where scientists accurately predicted the dangers of climate change.
• ⚠️ Congress failed to act due to improper pressure and disinformation from the fossil fuel industry, leading to the current "chickens come home to roost" stage.

Economic Storm Clouds on the Horizon

• ⛈️ Climate change inaction is creating severe economic storm warnings, particularly concerning coastal property values.
• 📉 Projections indicate a potential insurance collapse and mortgage crisis due to rising risks from climate-related events like wildfires and coastal flooding.
• 🏦 The Federal Reserve chair warned that in 10-15 years, some areas may become uninsurable, impacting the mortgage market.

Systemic Financial Risks

• 🚨 The Financial Stability Board has warned that increasing climate-related claims could make insurance unaffordable or unavailable, leading to a larger protection gap and threatening the resilience of the financial system.
• 📉 A CBO report bipartisanly stated that losses from floods and wildfires could lead to cascading failures of financial institutions, undermining the financial system.
• 💰 The Economist magazine predicts a $25 trillion hit to real estate due to climate change damaging insurance markets.

A Call to Action

• 📢 The lie that climate change is a hoax is no longer just political malfeasance but an act of economic malfeasance.
• 📚 Documentation of these risks has been provided, urging the Treasury to take these warnings seriously and prepare for the impending economic storm.