LONDON (Reuters) – Financial services have been too slow to cut investment in fossil fuels, a delay that could lead to a sharp increase in global temperatures, Bank of England Governor Mark Carney said in an interview broadcast on Monday.
FILE PHOTO: Mark Carney, Governor of the Bank of England, speaks at a Bank of England Financial Stability Report news conference in London, Britain December 16, 2019. Kirsty Wigglesworth/Pool via REUTERS/File Photo
Carney, due to become the United Nations’ special envoy for climate change next year when he steps down from the bank, told BBC radio that global warming could render the assets of many financial companies worthless.
Carney cited pension fund analysis that showed the policies of companies pointed to global warming of 3.7 to 3.8 degrees Celsius, compared with the 1.5-degree target outlined in the Paris Agreement on climate change.
“The concern is whether we will spend another decade