Increasing inequality and the climate crisis are pushing the world towards another financial disaster, the International Monetary Fund chief said Friday—a warning, according to one anti-poverty group, that should be taken seriously.

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IMF managing director Kristalina Georgieva made the remarks in a speech at the Peterson Institute for International Economics in Washington, D.C.

A theme of “increasing uncertainty,” some of which is driven by inequality, has already emerged from the new year, Georgieva said.

The trend of rising inequality within countries, she said, “is reminiscent of the early part of the 20th century, when the twin forces of technology and integration led to the first Gilded Age, the Roaring Twenties, and, ultimately, financial disaster.” 

Unlike the 1920s, however, the new decade is confronted with an urgent climate crisis.

“In the 2020s,” said Georgieva “the financial sector will have to grapple with preventing the traditional type of crisis, and handle newer ones, including climate-related shocks. Think of how stranded assets can trigger unexpected loss. Some estimates suggest the potential costs of devaluing these assets range from $4 trillion to $20 trillion.”