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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In his address on this year’s World Cities Day, UN-Secretary General António Guterres recognised that “cities have borne the brunt of the pandemic” and called upon governments to “prepare cities for future disease outbreaks”. Authorities cannot waste this opportunity to build back better by simultaneously addressing the increasing economic hardship for the urban poor and climate change impacts. This will help prevent not only future health risks but also the increased risk of urban violence and insecurity.
The new group will try to advance climate policies, even as some of its members are likely to clash. Critics say the group’s efforts won’t go far enough.
With climate change increasingly affecting food production in South Asia, it is time to focus on making food markets more resilient to climate shocks.
Michael Keating, Executive Director at the European Institue of Peace (EIP), argues that peacebuilding and conflict resolution must not disregard the impacts of the climate crisis on livelihoods, social cohesion and conflict resolution.