Was haben Inflation, Staatsanleihen-Spreads und Klimakatastrophen gemeinsam? Zunehmend alles.
Für diejenigen, die immer noch glauben, dass der Klimawandel lediglich ein langfristiges ESG-Problem ist, das nichts mit den kurzfristigen wirtschaftlichen Fundamentaldaten zu tun hat, hat die Europäische Zentralbank (EZB) eine deutliche Antwort gegeben: „Klimabezogene Risiken sind ein unmittelbares Problem für die Finanzstabilität und das Wirtschaftswachstum“[1]. Die Warnung, die im Juli 2025 herausgegeben wurde, ging einher mit einer neuen Analyse auf Basis von Kurzzeitszenarien, die vom Network for Greening the Financial System
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