BOE head warns of ‘cat­a­strophic’ cli­mate change

The China Post - - WORLD BUSINESS -

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.

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