Car­ney chides busi­ness on cli­mate

The Hamilton Spectator - - COMMENT -

TORONTO — Only about onethird of the world’s 1,000 largest com­pa­nies pro­vide ef­fec­tive dis­clo­sure of the risks they face due to cli­mate change, Bank of Eng­land Gover­nor Mark Car­ney said Fri­day.

Lack of full dis­clo­sure, Car­ney said, makes it dif­fi­cult for in­vestors, cred­i­tors and reg­u­la­tors to as­sess who is on top of the in­creas­ingly crit­i­cal is­sue.

“What is your strat­egy for man­ag­ing cli­mate-re­lated risk?” he said. “Longer-term strate­gies are go­ing to be much more im­por­tant for eval­u­a­tion.”

At the same time, he said, the tran­si­tion to an en­vi­ron­men­tally sus­tain­able fu­ture in the com­ing decades pro­vides an an­nual opportunity worth tril­lions of dol­lars for com­pa­nies and fi­nanciers.

Car­ney’s com­ments came dur­ing a ses­sion with En­vi­ron­ment Min­is­ter Cather­ine McKenna at a busi­ness break­fast fo­rum in Toronto.

The for­mer Bank of Canada gover­nor noted that the num­ber of ex­treme cli­mate events has risen 300 per cent in the last few decades while the cost of claims paid out as a re­sult has risen 500 per cent.

Still, he said, part of the is­sue fac­ing reg­u­la­tors re­lates to the dif­fer­ent views on the se­ri­ous­ness of the threat posed by global warm­ing and the ways gov­ern­ments are ad­dress­ing the prob­lem.

Car­ney said a pri­vate-sec­tor task force is try­ing to come up with the in­for­ma­tion.

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