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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Time is running short for countries to decide the practical details of how the Paris Agreement will be brought to life, known as the Paris “rulebook”.
The world risks crossing the point of no return on climate change, with disastrous consequences for people across the planet and the natural systems that sustain them, the United Nations Secretary-General António Guterres warned on Monday, calling for more leadership and greater ambition for climate action, to reverse course.
China’s vision of a global energy system overemphasises the benefits of connectivity. Planners and investors also have to consider the potential impacts on biodiversity and local community livelihoods from different power generation methods and find ways to prevent them.
A new report analyses how the transition to a low-carbon economy – and the minerals and metals required to make that shift – could affect fragility, conflict, and violence dynamics in mineral-rich states.