An irreversible heating system awaits the world if companies do not quickly change their priorities. Mark Carney warns of this, who will soon leave as the head of the central bank of England, Bank of England. He made his statements on the British radio channel BBC Radio 4.
According to Carney, the financial sector reacts too slowly when it comes to phasing out investments in fossil fuels. According to him, the current policy of pension funds is equivalent to global warming of 3.7 to 3.8 degrees Celsius. That is much more than the maximum of 1.5 degrees Celsius demanded by governments and agreed in the Paris climate agreement.
Carney will be working next year as United Nations Special Envoy for Climate Action and Financing. He has addressed climate issues more often. Then it is not only about the problems that the issue poses for the world population, but also those of companies and investors. According to him, the question for every company, financial institution, asset manager, pension fund or insurer is now: What do you intend to do?