‘Climate change could spell the end of the human race ‘as we know it’, the biggest bank in the Western world has warned.
In an apocalyptic report sent to clients, economists at JP Morgan Chase said failing to cut carbon emissions could lead to ‘catastrophic’ events such as extreme weather, war, food and water shortages, and devastation of nature.
The American bank said huge numbers of people may have to leave their countries because of rising sea levels or farmland left barren by sweltering heat.
It also issued a warning to say tens of trillions of dollars would be wiped off the global economy’s growth.
The bank’s analysts said the impact of climate change is broad, affecting everything from health and political stress to biodiversity and species survival, and added: ‘We cannot rule out catastrophic outcomes where human life as we know it is threatened.’
The warning – contained in a research paper titled ‘Risky business: The climate and the macroeconomy’ – comes after green campaigners accused it of being one of the biggest contributors to climate change in the corporate world.
JP Morgan provided more than £150billion to businesses linked to fossil fuels between 2016 and 2018, according to the Rainforest Action Network.’