BANK OF ENGLAND GOVERNOR WARNS OF CLIMATE CHANGE RISKS TO ECONOMY

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29 september 2015

Carney warns of risks from climate change 'tragedy of the horizon'

Bank of England governor tells Lloyd’s insurers that ‘challenges currently posed by climate change pale in significance compared with what might come’


Larry Elliot, The Guardian, September 29, 2015

Mark Carney, the governor of the Bank of England, has warned that climate change will lead to financial crises and falling living standards unless the world’s leading countries do more to ensure that their companies come clean about their current and future carbon emissions.

In a speech to the insurance market Lloyd’s of London on Tuesday, Carney said insurers were heavily exposed to climate change risks and that time was running out to deal with global warming.

The governor said that proposals would probably be put to the G20 meeting in Turkey in November urging the world’s leading developed and developing countries to bring in tougher corporate disclosure standards so that investors could better judge climate change risks.

“The challenges currently posed by climate change pale in significance compared with what might come,” Carney said. “The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security. So why isn’t more being done to address it?”

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