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Significance
However, there is a danger of these impact assessments understating the costs of the global temperature rise already happening, and of action needed to restrain it.
Impacts
Firm-level tests of climate risks and transition costs need cross-checked against macro-level estimates from economy/environment models.
Optimistic sustainability reports fuel confidence that ‘green growth’ is attainable, but may also mean governments set tougher targets.
Models missed systemic factors that triggered the Global Financial Crisis, a useful lesson to avoid similar climate risk underestimation.
Keywords:
International,
INT,
economy,
banking,
climate,
corporate,
environment,
regulation,
Renewable energy,
Banks
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2024
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