Carney warns on climate’s existentialist threat to business

The financial sector must address climate-related risks, Governor of the Bank of England Mark Carney has stated in an article penned with French central bank governor Francois Villeroy de Galhau and Network for Greening the Financial System (NGFS) chair Frank Elderson in The Guardian.

The article accompanies an NGFS report on the role of the financial services sector in the low-carbon economy, stressing the need to monitor and integrate sustainability into management.

The article also points to the fast-moving regulatory environment, and the potential risks businesses face as governments speed up action on climate change prevention – examples of which include banks lending to fossil fuel dependent companies that might be affected by carbon taxes or emissions tests that have damaged car manufacturers.

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