It’s always some sort of fearmongering with these cultists. Always looking to make some sort of doom
The next banking crisis could come from climate change
America’s smallest banks face potentially destructive losses from climate-related weather disasters, according to a first-of-its-kind report from a climate change nonprofit. And they’re not even aware of the risk.
Property damage from floods, wind, storm surges, hail, or wildfires threatens a collective $2.4 billion across nearly 200 national banks, averaging 1.5% of these banks’ total portfolio value, according to First Street. Most of this risk is concentrated amid small regional or community banks. In fact, nearly one in three regional banks face significant climate risk. But large institutions aren’t immune, with one in four facing such risks too, the report found.
“Risk exposure varies, but no matter the size of the institution, all banks had some level of climate risk within their lending footprint,” Jeremy Porter, First Street’s head of climate implications, told Fortune. “The most vulnerable were regional, small, and community banks with highly concentrated portfolios in areas prone to flooding, wildfires, or hurricanes. However, even some of the larger banks faced significant enough risk to merit further scrutiny.”
First Street conducted its analysis by looking at extreme weather risks in banks’ physical locations and using it as a proxy for the commercial and residential properties on which banks have issued loans.
Nearly one-third of the nation’s banks are exposed to climate-related risks that could reduce the value of their holdings by 1%, a threshold the Securities and Exchange Commission has defined as material.
You mean the weather could cause problems? Just like always? And First Street is anything but neutral. Their whole job is to pimp the doomsaying.
Read: Your Fault: The Next Banking Crisis Could Come From Global Boiling »
The Democratic Party is pushing to increase “literacy” on climate change-related material in America’s schools while students are performing poorly with respect to actual literacy.
Venezuelan migrants moving into Chicago’s South Side have caught the attention of the city’s gangs, with some fearing an impending turf war between local gangs and their Venezuelan counterparts.
NATO troops, vessels and aircraft took to the frigid North Atlantic Ocean last month to sharpen their skills for a potential future war at sea, whether in the tumultuous Atlantic or in waters closer to their hypothetical Russian adversaries.
The effort to save the pale blue dot called Earth is all about the green — that is, the money to finance a transition to renewable energy sources like wind and solar.
