The Guardian 14 DEC 2016: Bank of England chief joins with Michael Bloomberg calling for disclosure to help capital manage risks and seize opportunities in global warming fight.
The governor of the Bank of England has warned that the fight against climate change will be jeopardised unless companies with big carbon footprints come clean about their exposure to global warming risks.
Writing in today’s Guardian, Mark Carney says a new set of guidelines drawn up over the past year should be implemented so that investors can allocate capital to those companies with the best ideas to hit the target of keeping the rise in global temperature to less than 2C.
Carney, writing jointly with the former New York City mayor, Michael Bloomberg, said citizens, consumers, businesses, governments and international organisations were all taking action in response to extreme weather events.
“The challenge is that investors currently don’t have the information to respond to these developments,” they said. “This must change if financial markets are going to do what they do best: allocate capital to manage risks and seize new opportunities. Without the necessary information, market adjustments to climate change will be incomplete, late and potentially destabilising.”
Mr Trump denies climate-change and sea-level-rise (SLR). So would you if you had spent hundreds of millions developing Mar-a-Lago just 4 feet above the waters on a Florida beach. Any buyers? It’s going cheap on E-Bay.
READ MY GLOBAL-WARMING NOVELS (click covers in right hand margin).