Mark Carney, the governor of the Bank of England, has become the latest person to deliver a blunt warning about the risks of climate change to global financial stability. Speaking at Lloyd’s of London, Carney warned that “the catastrophic impacts of climate change will be felt beyond the traditional horizons of most actors – imposing a cost on future generations” and that “climate change will threaten financial resilience and longer-term prosperity.”
His speech came as the Bank of England published a report on the impact of climate change on the British insurance industry, to be presented to the UK government, and sees the governor join a host of economic figureheads warning about the risk of continued reliance on dirty fossil fuels.
For the complete article, please see The Tree.
How might a single threat, even one deemed unlikely, spiral into an evolving global crisis which challenges the foundations of global security, economic stability and democratic governance, all in the matter of a few weeks?
The former lead climate negotiator for the UK and the EU, Peter Betts, welcomes the decision to move COP26 to 2021 and discusses what is needed from the postponed climate summit.
Paris and Berlin have added their names to a growing list of EU capitals asking for the European Green Deal to be placed at the heart of the EU’s post-pandemic recovery plan.
Greenhouse gas emissions are down and air quality has gone up, as governments react to the COVID-19 pandemic. However, the head of the UN Environment Programme (UNEP), Inger Andersen, has cautioned against viewing this as a boon for the environment. In this First Person editorial from UN News, Ms. Andersen calls instead for a profound, systemic shift to a more sustainable economy that works for both people and the planet.