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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As falling renewable energy costs and a shadow carbon price are making coal power investments unviable the Asian Development Bank (ADB) is making a decisive shift to clean energy, according to bank energy chief Yongping Zhai.
The Global Climate Action Summit has created a subtle, yet resonating effect on international climate diplomacy. Arguably, its biggest contribution lies in reaffirming the active role of the US in climate action – a refreshing sign of political maturity and environmental responsibility in Trumpian times.
Brazil’s president-elect Jair Bolsonaro has named an anti-globalist diplomat to lead foreign affairs and his country’s relationship with the Paris Agreement. Ernesto Araújo, a relatively junior diplomat, accuses the left of using the environmental cause ‘to serve their political project of total domination’
As opposed to China’s Belt and Road Initiative, India could lead a campaign for climate-responsible international development cooperation, shifting from coal to renewables domestically and promoting the values of the International Solar Alliance globally.