Carney concerned about climate change

By Teamspirit on Monday, 9 April 2018

Following recent announcements and open letters from financial services leaders about the importance of authentic brand purpose and green business behaviour, the Bank of England governor has called on FS companies to acknowledge the threat to the sector posed by climate change.

Mark Carney has called on banks and insurers to provide information about the risks they might face as global climates change, and that failure to do so could result in steep losses in the future.

US insurers have recently faced financial stresses following extreme weather events, like Hurricane Harvey, which resulted in $125 billion in damage last year, and is tied with Hurricane Katrina as the most costly weather event in modern US history.

However, he was also clear that a changing climate offered positives to the financial services sector too, as there is an increasing need for companies to fund the development of greener economies and technologies.

In fact, Carney estimates that in order to create the low-carbon future that many nations are working towards investment in new technology and infrastructure would need to quadruple.

So, for those companies that are ready to operate in a changing climate, there are plenty of opportunities to seize and ways to grow. As for those that aren’t, they may find themselves stranded or sinking.

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