A resolution recognizing that climate change portends a cascade of financial market collapses that would destabilize the national and global economies.

This Senate resolution formally recognizes that unchecked climate change poses severe risks to both national and global economies, warning of potential financial market collapses and widespread economic destabilization. It highlights the escalating costs of extreme weather events, which totaled $165 billion in U.S. losses in 2022, and the resulting unaffordability of insurance that threatens to destabilize mortgage and property markets. The resolution cites projections of a $25 trillion decline in global residential property values and a $178 trillion cost to the global economy by 2070 if climate change is not addressed. It further notes that national banks and the Financial Stability Board predict structural risk to the global financial system, with worldwide per capita GDP potentially declining by 10 to 20 percent within three decades. Therefore, the resolution underscores that an early and orderly transition to a low-carbon economy is essential to prevent costly, sudden shocks to the financial system.