In 2008, a collapse in housing prices triggered a global financial crisis. John Macomber, a senior lecturer at Harvard Business School, believes history may be about to repeat itself — this time caused by our failure to acknowledge and confront the perils posed by a changing climate. The financial system hasn’t correctly priced in the risk from fires, floods and storms. If the correction happens suddenly, the collapse in housing prices could spread through the financial system. The incoming presidential administration must take politically unpopular steps to avoid this scenario.