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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Resource consumption has grown exponentially over the past: between 1970 and 2010, the quantity of extracted materials has tripled. Not only the overall amount of resources extracted and consumed has risen rapidly, but also the diversity of resources has grown. While half a century ago, only a few materials such as wood, brick, iron, copper, and plastics were in high demand worldwide, today products are more complex and require a wide range of materials.
Times of war can result in rapid environmental degradation as people struggle to survive and environmental management systems break down resulting in damage to critical ecosystems. For over six decades, armed conflicts have occurred in more than two-thirds of the world’s biodiversity hotspots thus posing critical threats to conservation efforts. [...]
More than 4,700 delegates, including environment ministers, scientists, academics, business leaders and civil society representatives, met in Nairobi for the UN Environment Assembly, the world’s top environmental body whose decisions will set the global agenda, notably ahead of the UN Climate Action Summit in September.
Mid february, the EU's foreign affairs ministers welcomed the Commission’s strategic long-term vision for a climate neutral Europe. Ministers also called for urgent and decisive action to strengthen the global response on climate change and restated the EU’s determination to lead the way on accelerated climate action on all fronts.