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| Bank of England Governor Mark Carney has warned that firms and regulators can no longer avoid addressing global climate change / Photo: James Oxley, CC BY-ND 2.0 |
A few weeks ago, Bank of England Governor Mark Carney, who also chairs the Financial Stability Board, gave a speech at Lloyd's of London regarding the economic impacts and challenges of global climate change. Given his audience, he also paid particular attention to how climate change has impacted the insurance industry, and will continue to do so.
Despite plenty of disagreement on the particulars he advocates, Carney made a compelling case for corporations and financial firms to stop fighting the acknowledgement of climate change and start modifying practices NOW in order to smooth the transition, reduce the ultimate cost of combating climate change and adapting to it, and avoid not just ecological catastrophe, but economic catastrophe, as well.
Despite plenty of disagreement on the particulars he advocates, Carney made a compelling case for corporations and financial firms to stop fighting the acknowledgement of climate change and start modifying practices NOW in order to smooth the transition, reduce the ultimate cost of combating climate change and adapting to it, and avoid not just ecological catastrophe, but economic catastrophe, as well.
