Uncertainty linked to climate change and policies to mitigate its impact is acute, and the effect the economy and financial system as well as the implications for monetary policy is yet unclear, Reserve Bank of Australia Deputy Governor Michele Bullock said Tuesday.
"The timing and intensity of effects are uncertain, and these could be severe and irreversible if tipping points are reached," RBA Governor-designate Bullock said.
"In addition, it is unclear how the policies, preferences and technologies associated with climate mitigation will evolve."
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by Jyotsna V
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