Mark Carney wins big-business backing for stricter financial reporting on climate change risks
London — Bank of England (BoE) governor Mark Carney won the backing of more than 100 CEOs pledging to increase financial reporting standards to fend off risk from climate change. Companies with a combined market value of more than $3.3-trillion — equivalent to all the goods and services produced annually by Germany — threw their weight behind Carney’s final report on climate change published on Thursday. As chairman of the Financial Stability Board, which advises the Group of 20 (G-20) nations on economic policy, Carney has warned climate change is a "tragedy of horizon", with impacts beyond the typical short-term time scales used by bankers, fund managers and insurers. "Widespread adoption will provide investors, banks and insurers with that information, helping minimise the risk that market adjustments to climate change will be incomplete, late and potentially destabilizing," Carney said in a statement. The G-20 leading economies asked Carney in 2015, shortly before negotiations f...
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