Carney warns companies on climate

Governor of the Bank of England Mark Carney has said that companies should use their annual reports to develop the reporting of the climate emergency on their businesses in the run-up to further stress tests.

Speaking at the Taskforce on Climate-related Financial Disclosures (TCFD) in Japan, Carney noted that it was still the Bank’s intention to stress test banks against a number of ‘climate pathways,’ including a ‘catastrophic business as usual scenario’.

Carney has progressively been highlighting the dangers of climate change to financial institutions and corporates over the last few years and declared the need for companies to attain net-zero carbon emissions to remain competitive. The new form of stress tests will not be rolled out until 2021, at which point Carney will have most likely left his position, however, the concept is certain to remain.

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