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Title: Fossil fuel investors will lose money and wreck the market, Bank of England warn
Source: London loves Business
URL Source: http://www.londonlovesbusiness.com/ ... ark-carney-warns/11108.article
Published: Sep 30, 2015
Author: Robyn Vinter
Post Date: 2015-09-30 11:26:46 by Willie Green
Keywords: None
Views: 530
Comments: 4

Carbon emitting companies need to make some big changes now to avoid destabilising the market, he said

Investors’ money could be at risk due to climate change, the governor of the Bank of England has warned.

In a speech at the Lloyd’s of London dinner, Mark Carney said those who invest in fossil fuels could lose out because of action taken to prevent climate change in the future.

In the blunt warning, he said oil, coal and gas would be “literally unburnable” and the assets of fossil fuel companies left “stranded” by strict rules brought in by governments to halt climate change.

“The exposure of UK investors, including insurance companies, to these shifts is potentially huge,” he said.

“The challenges currently posed by climate change pale in significance compared with what might come. Once climate change becomes a defining issue for financial stability, it may already be too late.”

Companies involved in fossil fuels currently make up 19 of the FTSE 100 and this is likely to be unwelcome news for oil and gas company bosses.

Scientists have calculated fossil fuel production needs to be reduced to between a fifth and a third of current global levels in order to prevent further climate change. A rise of 2C on pre-industrial times could be potentially catastrophic, scientists have calculated.

“If that estimate is even approximately correct it would render the vast majority of reserves ‘stranded’ — oil, gas and coal that will be literally unburnable without expensive carbon capture technology, which itself alters fossil fuel economics,” Carney said.

Destabilise markets

He warned that investors ditching fossil fuels in one go, as a result of this, could completely destabilise markets.

He called for companies to be more visible about how much carbon they emit or produce, giving investors an idea of their carbon footprint.

He added: “Climate change will threaten financial resilience and longer term prosperity.

“While there is still time to act, the window of opportunity is finite and shrinking.”

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#1. To: Willie Green (#0)

In the blunt warning, he said oil, coal and gas would be “literally unburnable” and the assets of fossil fuel companies left “stranded” by strict rules brought in by governments to halt climate change.

The strict rules brought in by governments to halt climate change will get a blunt warning from rational citizens; ---- WE WILL NOT ALLOW OUR FREEDOMS TO BE SACRIFICED UPON THE ALTAR OF CLIMATE CHANGE.

tpaine  posted on  2015-09-30   12:32:01 ET  Reply   Trace   Private Reply  

#2. To: Willie Green (#0)

" “Climate change will threaten financial resilience and longer term prosperity. "

Climate change / global warming / global cooling, etc = a humongous bunch of BS.

I still remember back in the 70's these same people were predicting that by now the US would be covered by 20 ft of ice.

This whole bunch of BS is nothing but a scam, a scam designed to give the govt more control over everybody and everything. I remember when Gorbachev stepped down, and announced that he was going to work on the environment. Now why would a committed Communist want to do that? POWER.

Those that believe in climate change / global warming are being incredibly naive and sucked in. The weather people cannot tell you accurately what the weather will be 1 week from now, but want people to believe they can predict what will happen 2 years from now? Riiiiiiiiiiiiiiiiiiight!

There is such a thing as Climate Change, its called " SEASONS "

Si vis pacem, para bellum

Those who beat their swords into plowshares will plow for those who don't

Rebellion to tyrants is obedience to God.

Stoner  posted on  2015-09-30   12:50:12 ET  Reply   Trace   Private Reply  

#3. To: Willie Green (#0)

Investors’ money could be at risk due to climate change, the governor of the Bank of England has warned.

I wonder if the governor is even aware that a good percentage of the population of the UK depends on coal to heat their homes?

Nah probably not!!!

CZ82  posted on  2015-09-30   12:50:58 ET  Reply   Trace   Private Reply  

#4. To: Stoner (#2)

Those that believe in climate change / global warming are being incredibly naive

You only need to see who they've elected as POTUS the last 30 years to see just how naive they are...

CZ82  posted on  2015-09-30   12:55:14 ET  Reply   Trace   Private Reply  

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