Climate crisis is risk to economic stability says Giorgetti

(see related stories) (ANSA) - ROME, SEP 20 - Economy Minister Giancarlo Giorgetti on Friday highlighted the need to address the climate crisis, pointing out the danger it poses to economic stability.
    "Climate change and the models of global development are further accelerating the frequency and severity of natural disasters, which pose significant risks to economic and financial stability," Giorgetti said in a message to a high-level conference organized by Italian insurers association ANIA.
    "The last decade has seen the most costly catastrophic events in history, having an impact economic growth and individual well-being.
    "Aside from the immediate damage, these events have long-term negative economic consequences, as they disrupt markets and put a strain on public finances".
    Civil Protection Minister Nello Musumeci told the same conference it was possible that the government will make it obligatory for households to take out insurance policies to cover properties for the risk of natural disasters.
    Scientists say the climate crisis caused by human greenhouse gas emissions is making extreme weather events such as heatwaves, droughts, supercharged storms and flooding more frequent and more intense.
    Southern Italy is current suffering a severe drought, which is causing massive problems, especially in Sicily and Sardinia.
    Although there are many sources of the greenhouse gases that are causing global heating, the main driver is the burning of fossil fuels such as oil, gas and coal, sales of which generate huge profits for the world's energy giants.
    A series of recent disasters triggered by extreme weather have shown Italy's exposure to hydrogeological risk, including flooding, mudslides and landslides, as seen this week in Emilia Romagna.
    On Wednesday Premier Giorgia Meloni told industry association Confindustria's assembly in Rome that she will try to "correct" the EU Green Deal because it is too damaging to European business as it is. (ANSA).