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The climate crisis is on track to destroy capitalism, a board member of a top insurer has warned, with the cost of extreme weather impacts leaving the financial sector unable to operate.
“The good news is we already have the technologies to switch from fossil combustion to zero-emission energy. The only thing missing is speed and scale. This is about saving the conditions under which… civilisation itself can continue to operate.”
Günther Thallinger, board member of Allianz SE:
“At 3C of global heating, #climate damage cannot be insured against, covered by governments, or adapted. That means no mortgages, real estate development, no long-term investment, no financial stability. The financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable.”
The only solution was to cut #fossilfuel burning, he said, with everything else being a delay or distraction.
@mark_ohe Insurance is a fascinating thing to watch as climate damage rises. Coastal property becoming a cash only business and withdrawal of home insurance in western forests are just the beginning.