Global efforts to slow climate change could cost the financial industry $1 trillion. That’s how much the consultancy Oliver Wyman estimates banks, insurers and asset managers stand to lose in the event of more aggressive policies, such as a carbon tax. Drastic changes could prompt a wave of defaults among polluting companies, which firms are not fully considering as they decide where to invest and lend, the consultancy said. While scientists have warned of a warming planet for decades, only now is climate change rising up the agenda of the finance industry. Higher temperatures and efforts to cut emissions dominated ... (full story)