Climate chaos will spark financial & social crises if governments fail to act – Carney

‘Climate change will breed financial crises and plummeting living standards unless leading states force companies to be transparent about their true carbon emissions, governor of the Bank of England (BoE) Mark Carney has said.

Speaking at a conference hosted by Lloyd’s of London on Tuesday, Carney warned insurers are heavily exposed to risks posed by climate change. He argued governments and citizens must act promptly if they are to stave off the catastrophic effects of global warming.

“The challenges currently posed by climate change pale in significance compared with what might come,” Carney said.

“The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security. So why isn’t more being done to address it?”’

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