Deniers Fate Will Be Bankruptcy

Firms ignoring climate crisis will go bankrupt, says Mark Carney; Bank of England governor warns of financial collapse linked to climate emergency

Damian Carrington, 13 October 2019 (UK Guardian)

“Companies and industries that are not moving towards zero-carbon emissions will be punished by investors and go bankrupt, the governor of the Bank of England has warned…[Mark Carney said] the global transition needed to tackle the climate crisis could result in an abrupt financial collapse…[and] the longer action to reverse emissions was delayed, the more the risk of collapse would grow…[Just 20 fossil fuel companies have produced coal, oil and gas linked to more than a third of all emissions in the modern era…The Bank of England has said up to $20tn (£16tn) of assets could be wiped out if the climate emergency is not addressed effectively. But Carney also said great fortunes could be made by those working to end greenhouse gas emissions with a big potential upside…

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Carney said disclosure by companies of the risks posed by climate change to their business was key to a smooth transition to a zero-carbon world as it enabled investors to back winners…US coal companies had already lost 90% of their value…[and] banks overexposed to the sunset sectors will suffer accordingly…[as transition to net zero carbon emissions changes] the value of every asset, raising the risk of shocks to the financial system…[while] climate action bolsters economic growth…[Recently,] Carney told big corporations they had two years to agree rules for reporting climate risks before global regulators devised their own and made them compulsory…” click here for more

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