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The investors note in the letter “The climate crisis poses a systemic threat to financial markets and the real economy, with significant disruptive consequences on asset valuations and our nation’s economic stability”. The letter urges FED and the Securities and Exchange Commission (SEC) to integrate climate change into their mandates. The mandates include companies to disclose more about their greenhouse gas emission, or which of their facilities are at risk from rising seas. Thus, it would help investor to decide better about their investment since investors are concerned about the price of some companies to fall suddenly.
The concern has arisen from existent politics of White House. President Trump has reversed 70% of the environmental rules and want to reverse the rest as soon as he has the opportunity. From the aspect of insurance companies, pension fund companies the locations of assets including their capabilities to reduce with the greenhouse gas emission.
Another concern for those investors are solvency issue if the climate change poses physical threat on companies. Imagine a sea rise near the coast of South Florida where there would be huge floating or huge hurricane. That would have impact some companies operations such as food, housing and energy industry. Therefore, it is also asked by those investors to have a kind of “stress test focusing on climate change”.
These are very justifiable concerns to economy. Moreover, it should not be a concern to US only but all countries. We want to focus on what Turkey has been doing on it.
No-one can deny that Turkey has been passing through an economic storm. This impacts all capabilities of Turkey to fight with these threats. Moreover, population growth, industrialization and rapid urbanization are the major pressure on Turkey. Despite the fact that Turkey has adopted new legislations to comply with EU environmental acquis during early 1980s, it is hard to suggest that Turkey is successful on environmental issues. Turkey is exceptionally rich with biodiversity. It consists of different micro-climatic zones which enables different products to harvest through the year. Turkey is rich both in terms of its flora and fauna species, many of which are endemic.
However environmental change is a fact in Turkey. The number of extreme weather events has increased from number of 141 in 2000 to around number of 600 during 2018. This is a major increase in numbers. While considering the drought and lack of food in Northern Africa, Turkey will be attraction to refuges in future. Therefore, Turkey should have to enforce protection measures as well as watching the environmental change in its region. Thus, construes more effective environmental policy in Middle East and North Africa.
Ill-considered development projects are threatening biodiversity, but a new wildlife corridor offers hope for further conservation progress. If Turkey wants to help the refuge problems in future, Turkey has to start implementing strong environmental policies along with development program. Thus, would also encourage the region as well as reducing the number of refuges pouring into country in future.