Bank of England head warns of ‘catastrophic’ climate change

Mark Carney, the head of the Bank of England, stated on 29 September 2015 that climate change would lead to global financial crises, and long-term declines in wealth, unless world leaders urgently sealed a deal to limit it.

Mr Carney was speaking to business leaders in a speech in London after the publication of a report by the bank on the impact of climate change in the insurance sector. The statement came as world leaders tried to find common group for a climate agreement to be signed in November 2015, in Paris.

• Primary Source

ESO: Paris Climate Change Conference, November-December 2015 http://www.europeansources.info/record/paris-climate-change-conference-november-december-2015/

Bank of England: The impact of climate change on the UK insurance sector [Report, 2015] http://www.bankofengland.co.uk/pra/Documents/supervision/activities/pradefra0915.pdf

BBC News, 29.09.15: Bank of England's Carney warns of climate change risk http://www.bbc.co.uk/news/business-34396961

The Guardian, 29.09.15: Carney warns of risks from climate change 'tragedy of the horizon' http://www.theguardian.com/environment/2015/sep/29/carney-warns-of-risks-from-climate-change-tragedy-of-the-horizon

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