🧵
Look under the hood & what do you find?
Extreme, implausible scenarios
Climate Change an ‘Emerging Threat’ to U.S. Financial Stability, Regulators Say nytimes.com/2021/12/17/us/…
For some background on the outdated & misleading climate research being used in financial regulation
Read this thread
And my recent FT op-ed
How do we know that climate change threatens financial stability?
Well first, billion-dollar disasters
Yesterday, I discussed some of the many issues with that “dataset”
TL;DR Don’t ever use this “data” to make policy
And of course, lurking in the footnotes, background reports and entrails of scenario & impact methodologies is our old buddy, RCP8.5
Bottom line: Sure climate change may pose important financial risks, but don’t confuse marketing with risk assessment 🤓👍
I mean, what are we supposed to do with this obviously false information (ie, contra data, research, IPCC, common sense, etc.) from the US Treasury Dept on flooding and financial risks?
You just can’t use the billion-dollar disasters to assess trends in weather (or disasters)
The reality is that flood damages in the US have dramatically diminished in their impact on the economy (whether due to policy or climate, likely both)
How the US Dept of Treasury does not know or recognize this is amazing
This says nothing about future risks of course
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