Climate change can also impact monetary policy, Riksbank warns

Global warming may also impact monetary policy, according to research by the Swedish central bank that calls for a global fiscal policy to help prevent climate change.

Food prices can be heavily influenced by droughts and heat waves. | Photo: Morten Lau-Nielsen / Finans

With United Nations experts suggesting there is only about a decade left to prevent catastrophic effects on the environment, the Riksbank is joining other financial regulators and central bankers in casting the spotlight on the risks posed by climate change.

The report points out that heat waves and droughts can result in major fluctuations in food prices, while natural disasters may cause financial stress to insurance companies -- about 26 percent of all losses arising from the world’s largest natural disasters between 1980 and 2015 were covered by insurance policies, the report found.

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