First, more than a decade ago, severe weather bankrupted an electric company in New Orleans. Then it helped take down one in Houston. Now, in California, it has pushed PG&E Corp. to the brink, in the biggest warning yet about the financial risks of climate change.

The utility giant’s critics contend it’s hurtling toward bankruptcy court because of its own negligence and arrogance. But for many months, PG&E has pointed to the culprit of a shifting climate that led to devastating wildfires and, now, crushing liabilities. It’s “a real wake-up call” for businesses across the country, said Ian Monroe, chief executive officer of the socially responsible investment firm Etho Capital.

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“Climate is increasingly being connected to all sorts of potent natural events, and it magnifies the intensity of the events that companies running businesses are facing,” said Dan Reicher, a fellow at the Steyer-Taylor Center for Energy Policy and Finance at Stanford University. “The question is, if your service is out because of a hurricane, to what extent can you point to climate change as a cause? That’s for the courts and public opinion.”

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