Mark Carney, the former Bank of Canada governor who now heads the Bank of England, shook up the financial sector earlier this week with a blunt assessment of the economic cost of climate change.
Calling it the “tragedy on the horizon,” Carney said in a speech to the insurance market Lloyd’s of London that society faces profound environmental and social challenges due to changes in the climate.
“The combination of the weight of scientific evidence and the dynamics of the financial system suggest that, in the fullness of time, climate change will threaten financial resilience and longer-term prosperity,” he told insurance executives.
“While there is still time to act, the window of opportunity is finite and shrinking.”
There are implications for insurers, financial stability and the economy, Carney said, and the insurance industry is already seeing those implications.
Since the 1980s the number of registered weather-related loss events has tripled and the average annual losses haveRead More »from Mark Carney’s stark climate change warning has Canadian implications