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.
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The latest climate talks unravelled when parties failed to reach consensus on the global carbon market mandated by the Paris Agreement. The carbon market controversy emerged amidst new tensions between a growing grassroots climate movement and the climate sceptic agenda of populist leaders. The ball is now in the court of the climate laggards, but they can only halt global climate action for so long.
This year’s annual UN climate conference, COP25 in Madrid, became the longest on record when it concluded after lunch on Sunday, following more than two weeks of fraught negotiations. It had been scheduled to wrap up on Friday.
On 29 November in Rabat, adelphi partnered with the United Nations Convention to Combat Desertification (UNCCD) to hold a regional dialogue on climate change and fragility risks in North Africa and the Sahel.
As the second week of COP25 begins in Madrid, it is time to stress once more the importance of building momentum for adaptation. There is obviously a need for adaptation planning, implementation and financing. However, so far only seventeen countries have presented National Adaptation Plans (NAP) - despite international partners providing important support.