Sen. Whitehouse: If We Don’t Rapidly Transition to Clean Energy, Climate Will Create 2008-Like Financial Crisis and We’ll Never Recover

EXCERPT:

WHITEHOUSE: “One thing is certain, unless the United States and the world rapidly transition to clean energy, climate-related extreme weather events will become both more frequent and more violent, resulting in ever scarcer insurance and ever higher premiums. This is predicted to cascade into plunging property values in communities where insurance becomes impossible to find or prohibitively expensive, a collapse in property values with the potential to trigger a full-scale financial crisis similar to what occurred in 2008, according to the chief economist of Freddie Mac. Only, unlike in 2008, these property values will likely never recover, because the risk is not going to go down, nor will the sea levels.”