BOE head warns of ‘catastrophic’ climate change
Climate change threatens global financial crises and longterm declines in wealth unless world leaders urgently seal a deal to limit it, the head of the Bank of England said on Tuesday.
“The challenges currently posed by climate change pale in significance compared with what might come,” Mark Carney told business leaders in a speech in London.
“The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security.”
Speaking as world leaders scramble to lay the groundwork for a new United Nations agreement to limit climate change at talks in Paris starting in November, Carney warned that “the window of opportunity is finite and shrinking.”
His comments come the day after French President Francois Hollande warned that if no deal was reached in Paris, “it will be too late for the world,” in an address to the U.N. General Assembly in New York.
Scientists have underlined the urgency of preventing temperatures rising more than 2 degrees Celsius from pre-industrial times, although analysts warn the world is heating far faster.