Yellen warns that losses tied to climate change could 'cascade through the financial system'
Treasury Secretary Janet Yellen on Tuesday warned that climate change could cause asset value losses throughout the country's financial system in the coming years.
"A delayed and disorderly transition to a net-zero economy can lead to shocks to the financial system as well," Yellen said. Yellen made the remarks during the first meeting with the Climate-related Financial Risk Advisory Committee , an advisory board that was set up last year by the Financial Stability Oversight Council in an effort to bolster U.S. action to minimize climate risk to the economy.
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