Recognizing that climate change portends a cascade of financial market collapses that would destabilize the national and global economies.

Summary

States findings that climate change creates large economic and financial risks. It notes recent U.S. losses from extreme weather, rising insurance unaffordability and unavailability, large potential declines in global residential property values, multi‑trillion dollar projected global economic losses through midcentury, and expert views that an early, orderly transition to a low‑carbon economy will reduce the chance of disruptive financial shocks.

• Declares climate change poses significant economic and financial risks domestically and globally.
• Records $165 billion in U.S. losses from extreme weather in 2022.
• Warns that insurance shortages and higher costs could destabilize mortgage and property markets.
• Cites a potential $25 trillion decline in global residential property values if insurance and markets fail.
• Cites model projections of $178 trillion (NPV) in global economic costs from 2021–2070 under unchecked warming.
• Notes possible 10–20% drop in global per‑capita GDP within about 30 years if climate change is not addressed.
• Identifies national banks and the Financial Stability Board as predicting structural financial system risk from climate change.
• Asserts that an early, orderly transition to a low‑carbon economy reduces the risk of disruptive economic and financial shocks.