Mark Carney warns of climate change threat to financial system

Bank of England governor says firms must acknowledge risks to avoid ‘catastrophic impact’

The governor of the Bank of England has warned of the “catastrophic impact” climate change could have for the financial system unless firms do more to disclose their vulnerabilities.

Telling banks and insurers they would need to provide more information about the risks they might face from climate change, Mark Carney said failure to do so would have damaging effects for financial stability.