Global institutions managing $32 trillion in assets gave a stark warning to governments Monday: cut emissions and phase out coal mines or face a financial crisis worse than 2008.

The Trump administration is set to roll back the centrepiece of former President Barack Obama’s efforts to slow global warming, the Clean Power Plan that restricts greenhouse gas emissions from coal-fired power plants.

McKenna is in Bonn, Germany, for the 2017 United Nations climate change talks, where the rules for implementing the 2015 Paris accord are being hammered out.