Without dramatic action to curb greenhouse emissions, even high-latitude countries with cooler climates will suffer devastating, if indirect, financial losses as extreme heat disrupts global supply chains. The result could be the worst financial crisis the world has ever seen.

It is already well known that severe heatwaves have numerous health and economic impacts, including higher mortality rates, preventing people from working outside, destroying crops and disrupting industrial processes. But until now, little research has been done looking at the financial impact of heatwaves…