Financial firms underestimating climate change risk - BOE's Carney

(Reuters) - Bank of England Governor Mark Carney said on Wednesday that physical risks of climate change are increasing and that financial firms need to prepare to minimize the downside.

"This will affect the value - in some cases positively, in some case negatively - of every single financial asset," Carney said, reiterating some of his concerns about the risks climate change poses to the stability of the global financial system.

Carney spoke at a business conference in New York organised by Bloomberg.

(Reporting by Jonnelle Marte, Editing by Franklin Paul)