Political Quotes

“Mr. President, the warnings are serious. They come from some of our foremost financial experts. So let's walk through what we have in store if we keep sleepwalking through the climate crisis. As I said, warning No. 1: coastal property value crash. Freddie Mac, not an environmental organization but a giant mortgage company, warned that rising sea levels will prompt a crash in coastal property values that will be worse than the housing crash that triggered the 2008 financial crisis. First Street Foundation found that rising seas have already caused $16 billion in lost property values in coastal homes from Maine to Texas. Moody's, the bond rating agency, warned that climate risk will trigger downgrades in coastal communities' bond ratings. BlackRock--the biggest asset manager in the world--estimated that, by the end of the century, climate change will cause coastal communities annual losses that will average up to 15 percent of local GDP with the hardest hit communities, obviously, hit far worse. Hello, Florida. Warning No. 2: a carbon asset bubble crash. The Bank of England, the Bank of France, the Bank of Canada, and the European Central Bank--all backed by top-tier, peer-reviewed economic papers--all warn that fossil fuel assets are dramatically overvalued on fossil fuel companies' books, that these assets are actually uneconomic and will become stranded, and that the resulting ``carbon asset bubble'' crash will swamp the world economy. How bad is it?…”