Bank of England Governor’s Speech is a Significant Milestone in the Climate Change Debate

Bank of England Governor’s Speech is a Significant Milestone in the Climate Change Debate

by Sangeeta Haindl
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Bank of England's governor warns #ClimateChange poses huge risk to global stability via @Justmeans

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Tuesday, October 6, 2015 - 8:00am



The Bank of England governor, Mark Carney, has given a stark warning that climate change poses a huge risk to global stability. At a meeting of leading insurers at Lloyd's of London, Carney said that climate change will lead to financial crises and falling living standards unless the world’s leading countries do more to ensure that their companies come clean about their current and future carbon emissions. He pointed out the rapid increase in weather-related catastrophes, and the jump in both physical and financial costs. The governor said that proposals would probably be put to the G20 meeting in Turkey this November, urging the world’s leading developed and developing countries to bring in tougher corporate disclosure standards so that investors could better judge climate change risks.

The governor, who is chairman of the Financial Stability Board, the international body set up by the G20 in 2009 to monitor risks to the financial system, said losses would be higher than expected if recent weather events proved to be the new normal. Carney said the challenges currently posed by climate change "pale in significance compared with what might come" and that this generation had little incentive to avert future problems. He avoided saying what was causing this change, but said evidence was mounting of man's role in climate change.

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Photo CreditBank of England

Sangeeta Haindl writes on women and children; social innovation; social enterprise and social entrepreneurs. She is the founder of Serendipity PR, in London, U.K., where she works with high-profile brands and organizations in the public, non-profit, and corporate sectors, winning awards for her work from the communications industry. She is chairman of and director of London's leading conscious well-being organisation, Alternatives, which hosts leading speakers such as Eckhart Tolle, Deepak Chopra, Marianne Williamson, Neale Donald Walsch and many other well-known names. She describes herself as a Spiritual Entrepreneur, Conscious Explorer; enjoying helping others, paying it forward and being a mum.