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Financial firms underestimating climate change risk - BOE's Carney

Financial firms underestimating climate change risk - BOE's Carney
FILE PHOTO: Mark Carney, Governor of the Bank of England (BOE) speaks at the bank's quarterly Inflation Report Press Conference in London, Britain August 1, 2019. Chris J Ratcliffe/Pool via REUTERS -
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(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)

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