It's pure, unadulterated horse .
JP Morgan and Citibank don't think climate change is pseudoscience, they think it's a risk to their bottom line.
The potential losses from extreme events and long-term changes in weather patterns are becoming more prominent, forcing the financial industry to “sharpen its understanding” of physical risks, said Gianluca Cantalupi, head of climate, nature and social risk at JPMorgan Chase & Co.
And there’s little secret why. Here are just some of the recent calamities: Floods in Pakistan wiped out 2.2% of the country’s gross domestic product in 2022; Canada’s worst wildfire season on record in 2023 took a heavy toll on the local economy; and a crippling drought at the Panama Canal has impaired a waterway that handles $270 billion a year in global trade.
“These events are happening more and more frequently, and so we need to be educated—to be risk-aware,” Cantalupi said. “I need to know the physical risks the bank might face when making lending decisions: Will a semiconductor company face water stress? Will logging in certain provinces cause landslides that destroy factories or other infrastructure?”
To prepare for an increasing number of environmental disasters, JPMorgan has been adding personnel to assess such risks, including Cantalupi, who joined late last year from Credit Suisse. The bank is hiring catastrophe modelers that can estimate the potential impact of severe weather events on JPMorgan’s real estate portfolios.
https://www.business-standard.com/in...1901366_1.htmlCitigroup Inc. said last month in its climate report that the physical impacts of climate change can cause a host of other worries, such as credit, liquidity and operational risks. To assess the vulnerability of its credit exposures to climate risks, the bank has introduced what it calls a Climate Risk Heat Map, which shows the business areas with the highest physical risks and transition risks.
According to Citigroup, its $15.8 billion oil and gas production loan book has a transition risk score of 4, the highest, and a physical risk score of 3. The two sectors with the highest physical risk scores are semiconductors and ports.
“It’s become a bigger issue,” especially over the past six months, said Andrew Karp, global head of the sustainable banking solutions group at Bank of America Corp. “There’s a growing worry about rising costs and, in some cases, a reduced availability of insurance and what that says about how climate risk will manifest into financial risks.”
It's pure, unadulterated horse .
^great retort. Very informative (par the course for you).
Thes maga neckbeards will never come to terms, par.
It's true & accurate
And the West has gone above & beyond
The rest step up or this is as far as it goes. No more our people will suffer so maybe in the future blah blah
Build a border. Now. Here. Europe. Grow a nutt sack. Then we discuss climate of my balls
Wall before helping Africa
Simple.
You're still an idiot.
You're shaving again, Dumper.
There apparently was a time when Republicans worried about the financial future of the US.
They went ground hog on the Climate and the enormous cost.
Quit in', peeg, you got no beef comin'. Your ass is covered 100% by RINO's. You have nary a DINO, not 1. We're inundated with RINO's...even the old man is fraught with peril as he staked out SS over a month ago and that $60 billion into Ukraine, a week ago and neither FOX, nor CNN said one ing word about it.
Count your in' blessings.
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