Mark Carney warns firms climate change could make assets ‘worthless’ - News 247

Thanks for watching my video.
If you like my videos, please subscribe to the channel to receive the latest videos
Videos can use content-based copyright law contains reasonable use Fair Use (
For any copyright, please send me a message.  Speaking on BBC Radio 4’s Today Programme, Mr Carney said the financial sector was not cutting back on investment in oil and gas quickly enough. The bank chief has been outspoken about the need for the sector to do more to transition towards a zero-carbon economy. Mr Carney said: “A question for every company, every financial institution, every asset manager, pension fund or insurer: What’s your plan?  “Four to five years ago only leading institutions had begun to think about these issues and could report on them. “Now $120trn (£92trn) worth of balance sheets of banks and asset managers are wanting this disclosure (of investments in fossil fuels). But it’s not moving fast enough.” Mr Carney will have a new role as UN special envoy for climate change and finance after he steps down from being governor in the new year.  He said on the programme that the climate crisis was a “tragedy on the horizon” and there would be more extreme weather in the future. When he was asked about whether pension funds should stop investing in fossil fuels, he said: “Well that hasn’t been the case, but they could make that argument. “They need to make the argument – to be clear about why is that going to be the case if a substantial proportion of those assets are going to be worthless. “If we were to burn all those oil and gases there’s no way we would meet carbon budgets. Up to 80 per cent of coal assets will be stranded, [and] up to half of developed oil reserves.”    He said: “By the time that the extreme events become so prevalent and so obvious, it will be too late to do anything about it”. He warned: “If we were to burn all those oil and gases, there’s no way we would meet carbon budgets. “Up to 80% of coal assets will be stranded, [and] up to half of developed oil reserves.    “A question for every company, every financial institution, every asset manager, pension fund or insurer: what’s your plan?” The Bank of England has also said they would conduct tests on how well the financial system is able to withstand the risks posed by climate change. Mr Carney also urged climate change sceptics to stop challenging the issue, saying: “We can’t afford on this one to have selective information, spin, misdirection... it needs to be absolutely clear because we are all in on it.”

Climate change,