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Ten years on: has Mark Carney forgotten his own words on climate change?
On September 29 2015, then Bank of England governor Mark Carney framed climate change for the first time as an existential threat to the financial system.
In his “Breaking the tragedy of the horizon” speech delivered to insurers at Lloyd’s of London, he warned of climate change’s catastrophic impacts, which could transmit risks to financial stability in three ways — physical risks from weather-related events, liability risks, and transition risks from the shift to a low-carbon economy.
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