Banks at bigger risk from climate than subprime mortgages, researcher says

Read the full story in The Hill.

Climate change is posing a bigger risk to bank balance sheets than the subprime mortgage crisis that contributed to the Great Recession, according to the co-author of a new study on the vulnerability of commercial loans.

The study, conducted by the sustainability nonprofit Ceres and released last week, found that up to 10 percent of the value of U.S. commercial loans at leading banks is at risk of being wiped out by the effects of floods, fires, extreme heat and hurricanes.

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