Gunther Thallinger, a top executive with Allianz SE, warns that the escalating climate crisis poses significant risks to capitalism as extreme weather events lead to insurmountable financial challenges. Insurers may soon be unable to provide coverage on climate-related risks, impacting various financial services, including mortgages and investments. Current predictions suggest global temperatures could rise to dangerous levels, with massive costs for damages surpassing $2 trillion over the last decade. With existing technologies available for transition towards a zero-emission economy, immediate action is crucial to ensure the continued operation of markets and society.
The climate crisis, if unchecked, threatens to undermine capitalism, as extreme weather events increasingly render the financial sector unable to operate effectively.
Insurers warn that without timely climate action, they may not be able to cover many climate risks, jeopardizing vital financial services such as mortgages and investments.
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