As we face the harsh reality of struggling to fulfill even our basic needs, it's becoming increasingly difficult to ignore the growing impact of climate change. This raises a pressing question: what will be the consequences of climate change on the financial world, and what might be in store for the future of the crypto industry?
In light of these challenges, it's important to consider the potential implications and prepare for the potential changes that may be on the horizon.
The impact of climate change is visible everywhere. In my country, it has led to flood issues that have affected the agricultural sector thereby causing a high increase in the price of food. Some farmers suffered a partial or total loss of their farmland due to flood disasters. Most of these farmers took loans from banks to finance the farming business. These loans might become bad debt if they are uncollateralized. This will affect the financial sector negatively. An increase in the prices of goods will lead to inflation which will affect the banking sector because interest rates might be increased by the central bank.
Curbing climate change is the collective responsibility of everybody. I have decided never to use an electric generator except it is for emergencies or important reasons because I don't want to contribute to the emission of harmful gases into the atmosphere. Industries should switch to clean and green energy sources to reduce the emission of these pollutants that contribute to global warming.