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BoE's Carney warns of bankruptcy for firms that ignore climate change

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BoE's Carney warns of bankruptcy for firms that ignore climate change
Bank of England governor Mark Carney attends a conference entitled "Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer   -   Copyright  PHILIPPE WOJAZER(Reuters)
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LONDON (Reuters) – Businesses that fail to adapt to climate change will go bust, Bank of England Governor Mark Carney said on Wednesday, but others will be able to profit handsomely from funding green investment.

“Companies that don’t adapt – including companies in the financial system – will go bankrupt without question. (But) there will be great fortunes made along this path aligned with what society wants,” Carney told Channel 4 News.

Carney, who will step down from the BoE at the end of January, has regularly spoken about the dangers of climate change, arguing they fall within his remit as BoE governor due to the risk they pose to the stability of the financial system.

“(What) the capitalist system needs to do is to manage the risks around climate change, be ready for the different speeds of the adjustment,” Carney said.

(Reporting by David Milliken; editing by Stephen Addison)

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