Howai: Climate change is a financial stability issue

Gov­er­nor of the Cen­tral Bank is warn­ing that cli­mate change is no longer sim­ply an en­vi­ron­men­tal con­cern but a grow­ing threat to eco­nom­ic and fi­nan­cial sta­bil­i­ty that pol­i­cy­mak­ers and reg­u­la­tors must pre­pare for now.

Speak­ing at the Glob­al Green Swan Con­fer­ence in Mani­la, Philip­pines, Gov­er­nor Lar­ry Howai said small and vul­ner­a­ble economies, par­tic­u­lar­ly in the Caribbean, are in­creas­ing­ly ex­posed to se­vere weath­er events that can dis­rupt agri­cul­ture, dam­age in­fra­struc­ture, fu­el in­fla­tion and place pres­sure on fi­nan­cial sys­tems.

He ad­dressed the con­fer­ence along­side the Gov­er­nor of the Cen­tral Bank of the Philip­pines and the Chief Ex­ec­u­tive of the Hong Kong Mon­e­tary Au­thor­i­ty.