Norvergence – Fresh Climate Change Warning from Bank of England Chief

Source: The Independent

Source: The Independent

Norvergence team, ahead of many mainstream news channels, has exclusively covered the official statement of the outgoing Bank of England, Mark Carney.

He said it is important that the financial sector must control its fossil fuel investment and should act seriously on problems like climate change.

In a radio show, Mr. Carney said: “If there is no action, we will be in a climate emergency. What we can’t have is a financial sector that ignores the problem and all of a sudden it has to deal with it.

If we were to burn all those oil and gas [reserves], there’s no way we would meet carbon budget,” he said. “Up to 80% of coal assets will be stranded, [and] up to half of the developed oil reserves.

A question for every company, every financial institution, every asset manager, pension fund or insurer: what’s your plan?

Source: The New York Times

There is no doubt that capitalism has an important role in raising funds for clean technologies but the government should impose a committee or apply rules or prohibitions on its tempering activities.

He further added (Norvergence quotes): Four to five years ago, only leading institutions had begun to think about these issues and could report on them.

Now $120tn worth of balance sheets of banks and asset managers want this disclosure [of investments in fossil fuels]. But it’s not moving fast enough.”

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