ECB official warns climate crisis poses growing threat to ‘core financial stability’

Per The Guardian, Frank Elderson, a member of the European Central Bank's executive board, says the climate emergency and breakdown of nature pose a growing threat to the global economy. The ECB is stepping up its monitoring of financial risks linked to the destruction of 'ecosystem services'—nature-based processes and assets that support human life and economies. Elderson notes more work is needed to assess these risks as wildfires rage globally.

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