12 See Mark Carney, “The Road to Glasglow” (speech at Guildhall, London, England, February 27, 2020), https://www.bankofengland.co.uk/-/media/boe/files/speech/2020/the-road-to-glasgow-speech-by-markcarney.pdf?la=en&hash=DCA8689207770DCBBB179CBADBE3296F7982FD0); and Climate-Related Market Risk Subcommittee, Managing Climate Risk in the U.S. Financial System (Washington: Commodity Futures Trading Commission), https://www.cftc.gov/sites/default/files/2020-09/9-920%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting. pdf.
13 See Patrick Bolton, Morgan Despres, Luiz Awazu Pererira da Silva, Frederic Samama and Romain Svartzman, The Green Swan: Central Banking and Financial Stability in the Age of Climate Change (Basel: Bank for International Settlements, January 2020), https://www.bis.org/publ/othp31.pdf. -4of assets. 14 Similarly, changes in investor expectations about future climate policies could lead to rapid and unexpected price changes that ripple through the financial system.