Speech by Mark Carney at Lloyd's of London on climate change and financial stability - PwC comments

Published at 12:52 PM on 30 September 2015

Commenting on last night's speech by Mark Carney, the Governor of the Bank of England, on climate change and financial stability, Jon Williams, sustainability and climate change partner at PwC and specialist in financial services, said:

"The Bank of England is right to see climate change as a material issue of financial stability, and Mark Carney's comments should be welcomed. They are also right to be taking a measured approach to regulation as climate change risks become better understood and the methodologies to manage them are developed. 

"Our own analysis shows that a deal at the Paris climate talks in December would require at least a doubling of decarbonisation by the worlds major economies. With a deal looking more likely than ever, the resulting national climate regulation will have significant effects on carbon intensive sectors such as energy, heavy industries, transport and real estate. The financial services sector needs to do more to understand how these effects on carbon intensive industries transfer into risks for them, through lending, investment and insurance. Being able to identify, measure, manage and report on these risks, as they would for any other material financial issue, is important for financial stability. The regulator is right to put this on their agenda."

Ends

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