They can raise significant concerns for both economic and financial stability. In many of these countries, capital flows are seen as driven mainly by external forces, in particular, the monetary policies of the major advanced economies.
Frank Elderson was invited for this panel and opened the session by stating that the current climate crisis requires urgent action by governments, financial sector and supervisors. 1  Fifteen of the twenty largest fires in California history have occurred since 2000, since the 1970s, there has been a fivefold increase in the annual burned area in the state.