Researcher warns: A recession ‘the likes of which we’ve never seen before’ could be on its way

American companies are ignoring the risks of climate change at their own peril, according to a researcher warning that extreme weather caused by the climate crisis could result in a devastating economic recession.

Financial markets are failing to account for the risks that increasingly frequent and worsening floods, droughts, and other extreme weather events pose to the economy, according to an article published in the journal Nature Energy this week.

“If the market doesn’t do a better job of accounting for climate, we could have a recession—the likes of which we’ve never seen before,” said study author Paul Griffin, an accounting professor at the UC Davis Graduate School of Management. Continue reading.