The ECB's chief climate affairs official said a new trend is taking shape: the cumulative impact of extreme climate shocks is evolving into a type of independent risk. Eileen Himsk, head of the ECB's Climate Change Center, said in an interview: “A slowly emerging long-term impact is emerging. It will cause secondary effects, disrupt the industrial chain, and even damage labor productivity.” A BlackRock executive recently issued a similar warning. So-called long-term climate risks are receiving more and more attention. This risk describes a scenario where financial and economic losses due to sudden extreme weather such as floods, wildfires, or droughts occur repeatedly, and the frequency of occurrence makes future prevention more difficult.

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