Carney chides business on climate
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.