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Προσθήκη του ot.gr στην GoogleThe climate emergency and the degradation of nature represent a rapidly growing threat to the global economy, according to a senior European Central Bank (ECB) official, as major wildfires continue to affect countries including France, Spain and Greece.
Frank Elderson, a member of the ECB’s Executive Board, said the central bank is increasing its monitoring of financial risks linked to the destruction of “ecosystem services” — the natural processes and assets that support human activity.
“These services are not stable, but are rapidly declining. That is why we are talking about a climate and environmental crisis,” Elderson said.
“Knowing this dependence and knowing the exposure of banks to these risks, we conclude that this issue is significant,” he added.
Wildfires Highlight Economic Risks
Across France and Spain, wildfires have spread amid record-breaking temperatures, destroying land, businesses and homes. The disasters are expected to carry a significant economic cost beyond their immediate human impact.
In an interview with the Guardian before the latest wave of disasters across Europe, Elderson said it was clear that the increasing
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