Carney calls for financial sector to face up to climate risks
Outlook is “concerning” as losses from extreme weather hit record levels, BoE governor says
The financial sector is beginning to adapt to the risks posed by climate change but firms need to do much more, Mark Carney said on November 21.
In remarks to a conference in London, the Bank of England governor noted insurance losses from extreme weather hit a record $140 billion in 2017, and may surpass that figure this year. Carney said this was an “extension of a worrying pattern” of worsening weather, and the outlook is “even more concerning”.
Carney said BoE research indicated the
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