The Oliver Wyman analysis found that if carbon taxes were imposed at a level of $50 per tonne of carbon dioxide in two of the most polluting industries – power generation and oil and gas – this would result in estimated credit losses of between $50 billion to $300 billion in both sectors.

Global financial regulators are worried frequent extreme weather events could displace entire communities leading to stranded assets and a plunge in property values which could result in crippling losses for the financial sector.

Companies are facing mounting pressure to detail their environmental impacts. Earlier this year, BlackRock Inc.’s Larry Fink said climate change is likely to upend global finance sooner than expected. It’s not the first time Buffett has cited the Iowa wind push: At Berkshire’s annual meeting last year, he brought it up when asked how his conglomerate scores on environmental, social and governance factors.

“Tackling climate change has implications across the board, including on corporate reporting,” Valdis Dombrovskis, the Commission’s Executive Vice-President for an Economy that Works for Peoples, said.

-The hottest temperature ever recorded in Antarctica of 18.3 degrees Celsius (64.94 degrees Fahrenheit) was taken at a research base there on Feb. 6. If hotter temperatures were to sustain they could cause an extreme global sea level rise.

“This will gradually displace people as it goes,” Thomas said. “We know this is already happening in small island communities and this will just continue to happen gradually as more and more houses are being inundated at high tide, then at normal tide and then even at low tide.”