This morning two very different kinds of harbingers brought us a message of climate doom. One was a colourful crowd of climate activists called Extinction Rebellion, who have been blocking traffic in London for the last two days, and who are today planning further “economic disruption” aimed directly at the city’s jugular: the tube and rail networks.
The other was less expected. Mark Carney, the governor of the Bank of England, along with the governor of France’s central bank, Villeroy de Galhau, has written an article for the Guardian warning banks and insurers that climate change threatens them too. In the wallet. Insurance claims from droughts and floods are bad for business. Then there’s the fact that governments are now taking carbon emissions seriously, which means companies that don’t adjust will likely be adjusted out of existence. And at a certain point, when climate catastrophe deepens, there will be a “Minsky moment” – a sudden collapse in asset prices, true economic disruption.Continue reading...
From our friends over at the : Business | The Guardian
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