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"The great crash of 2023 made the 2007 financial crisis look like a blip. It was triggered by US president Bernie Sanders signing emergency measures to slash carbon emissions. Investors started panic-selling stocks in fossil fuel companies. Trillions were wiped from the stock markets within days – and hundreds of millions of people around the world lost their pensions.
"Impossible? Not according to financial regulators, who are so concerned about the prospect of climate-related financial crashes that they are already taking action to stop them happening. They want all big organisations to start assessing and disclosing their climate-related risks.
" 'The whole point of this exercise is to avoid that kind of crash happening,' says Michael Wilkins of credit rating agency S&P Global Ratings, a member of the Task Force on Climate-related Financial Disclosures, which unveiled its guidelines last week."
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