“While the earth remains, Seedtime and harvest, Cold and heat,
Winter and summer, And day and night Shall not cease.” Genesis 8:22
Lagarde said that more climate disasters could see prices rise even further.
“If more and more climate disasters, droughts, and famines occur throughout the world, there will be repercussions on prices, on insurance premiums, and on the financial sector,” Lagarde said.
“We need to take that into account.”
Lagarde’s comments come as inflation has soared across Europe as households have to fork out more for food and energy. Meanwhile, price increases continue to outpace the average rate of wage increases.
The European Union continues to push for a climate change agenda while simultaneously trying to reduce its dependence on Russian gas in the wake of its invasion of Ukraine, despite there being increased energy demand amid a soaring hot summer and limited supplies.
As a result, gas prices have drastically risen in the EU in recent months and show no sign of slowing down.
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