Economists from JPMorgan Bank called for a global carbon tax and warned about the future of humans.
The human race could cease to exist without massive global action to combat global warming, JP Morgan economists warned in a hard-hitting report on the "catastrophic" potential of climate change.
The British newspaper The Telegraph reports that in an alarming document sent to customers, they said that deaths, immigration and conflict will skyrocket as the planet warms and water supplies dry up. Famines will increase and species will be wiped out.
Climate activists have expressed hope that policy makers stalling on decisive climate action will reconsider their stance in light of new warnings from a rare source: two economists at JPMorgan.
The report's authors, David Mackie and Jessica Murray, said what they found will have a devastating impact on economic growth and the equity market.
The impact of climate change has been massively underestimated, they said, adding: "Something will have to change at some point for the human race to survive."
Extinction Rebellion spokesman Dr. Rupert Read said the report issued warnings to banking customers similar to those promoted by climate action groups, describing extreme weather events and global conditions that could result from continued extraction of fossil fuels.
In doing so, economists implicated the bank's own investment activities in the potentially catastrophic effects of the climate crisis.
The Telegraph reported that it came after Bank of England Governor Mark Carney warned that the pension funds of millions of people could be worthless because of climate change.
Britain is trying to become carbon neutral by 2050 in an attempt to stop environmental damage before it is too late.
It's a daunting prospect: Oil and gas reserves held by companies like BP and Shell can never be extracted due to pressure to stop global warming, which means stocks that depend on fossil fuels would collapse.
About £ 100 billion of British savers' money is invested in the world's largest oil companies.
According to JP Morgan research, Risky Business: The Climate and the Macroeconomics, the impact of climate change will be broad and devastating. Economists are calling on world leaders to introduce a global carbon tax to avoid a collapse, saying that no other measure is likely to suffice.
The note stands in contrast to previous investment bank weather reports, which have been much more reserved in their language.
JP Morgan is one of the world's leading fossil fuel project funders.
Noting that previous environmental estimates had been marked by a lack of clear information, the bank noted that it is becoming increasingly clear that human activity is increasing carbon dioxide emissions at a faster rate than ever.
The economists said: “The response to climate change must be motivated not only by central estimates of results but also by the probability of extreme events. We cannot rule out catastrophic outcomes where human life as we know it is threatened. "