From Breakingviews - Fed’s reluctance to go green will cost the Earth
Ignoring the effects of global warming doesn’t make economic sense. For starters, the United States’ reliance on fossil fuels leaves it vulnerable to inflationary spirals induced by energy shocks. Russia’s invasion of Ukraine drove natural gas and crude oil prices sharply higher throughout 2022 as supply fell substantially short of demand. Higher energy costs accounted for more than half of overall inflation in the euro zone. The U.S.
Climate change also affects the labor market – another key area of focus for the Fed. Warmer weather has already cut working hours in sectors like farming and construction, according to a 2021 research paper by the Public Library of Science. Failure to slow global warming could wipe outevery year over the next half-century, Deloitte said in a January 2022 study. The economic damage would also wipe nearly $70,000 from every working Americans’ lifetime earnings.
Fed officials have already told the largest U.S. banks to analyze how they’d be impacted by global warming, and Powell has promoted the effort as crucial to better understanding the risks climate change poses. Still, the analyses are limited in scope. The exercise only covers the six largest banks and tracks two green-transition scenarios: one based on current policies and one based on reaching net-zero emissions by 2050.
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