Re:I liked the idea of carbon offsets until I tried to expla...
by JacobThreeThree on Monday April 11, 2022 @05:27PM
(#30995317)
>The Bank of Canada also seems to recognize the economic costs of doing nothing
Nothing in that quote mentioned anything about the cost of doing nothing.
Re:I liked the idea of carbon offsets until I tried to expla...
by allemagne on Monday April 11, 2022 @05:46PM
(#30995515)
Yes, they do. From both quotes (emphasis mine):
>"_Climate change and_ the transition to a low-carbon net zero economy will have significant macroeconomic consequences ... "
>Separately, Bank of Canada Deputy Governor Toni Gravelle said the steps _needed to mitigate the effects of global warming_ ...
>"Climate change and the transition to a low-carbon net zero economy will have significant macroeconomic consequences, touching every region and sector of the Canadian and global economies," the bank said in a statement tied to the United Nations' COP26 global climate summit in Scotland.
And:
>Separately, Bank of Canada Deputy Governor Toni Gravelle said the steps needed to mitigate the effects of global warming would lead to massive restructuring and the risk that some parts of the economy would shrink.
>"Asset values across the financial system could be subject to sharp declines in valuation, which might generate credit and market losses, and it might increase the stress on the financial system," he told a climate panel in Toronto.