Mishal Husain

The World will face irreversible heating, unless the companies are shifting their priorities soon, the outgoing head of The Bank of England has over the BBC.

Mark Carney , said that began in the financial sector, the reduction of investment in fossil fuels – But much too slowly.

He said the leading pension Fund analysis "is that, if you add up the measures of all the companies that are there, they are consistent with a warming of 3. 7-3. 8C".

Mr Carney made the comments in a pre-recorded

The Interview the presenter, Mishal Husain , one of several elements of the programme, the focus on Climate Change , on The Day of The Show

Mr Carney added that The Rise of nearly 4C was "far beyond the 1. 5 degrees, what People say they want and the governments request".

up to 760 million People – scorching heat waves, and droughts, as well as serious food supply problems.

Mr Carney, who is in the next year: “The concern is whether we spend another decade, the worthy things, But not Enough . and we bubble the 1. 5C-mark very quickly. As a result, stabilize the climate, the very much higher level. "

an interview with the Today programme, he again reiterates his warning that if the society woke up, as he called it-the climate crisis, many of their assets are worthless.

"If we burn all those reserves of oil and gas [], there is no way that we would meet the carbon budget," he said. “Up to 80% of the assets of carbon stranded, [and] up to one-half of the developed oil reserves.

“A question for every company, every Bank, every asset manager, pension Fund or insurer: what's your plan?

“Four or five years ago, only leading institutions had begun to think about these issues, and could report on them.

“Now $120tn value of the balance sheets of the banks and asset managers, to want to this revelation] [to investments in fossil fuels. But it is not moving Fast Enough . "

climate activists Rebellion extinction question of whether the capitalist system to mitigate Climate Change .

Mr Carney said that capitalism has an important role in attracting financing for clean technologies. But he added that it had to be mitigated, the government-imposed incentives, regulations and bans on harmful activities.

Climate Change was what he called a "tragedy of horizon", since the decision-making time horizon of the investment Manager and between two and 10 years.

“In the horizon, there will be more extreme weather events, But , by the time of the extreme events, which is said so often and so obviously, it is Too Late to do something about it," he said.

“We're looking for the political leaders addressing the future problems, start today. "

He said, questioning the consensus on Climate Change : "We can't afford it, this selective information, spin, misdirection. . It must be absolutely clear, because we all are. Supply

“there is a common understanding of what is necessary must. [But ] it is not useful when there is a stop to debates over the edge, where The Role of The State and what is The Role of the markets. "

Mr Carney and the British government welcomed the focus in the next year, The Most important global climate conference in Glasgow. He said the success was "vital".

to determine, Under Mr. Carney's leadership, which companies and industries will be most affected by Climate Change .

The question is, how fast financial institutions can change the frequency.

Recently, the investment Bank Goldman Sachs ruled the future of the financing of oil drilling or exploration in The Arctic .

The Bank said there would be no investment in new thermal coal would be me (for power plants) in The World .

He also announced manage plans to support its customers, the impact on the climate through the sale of weather-related catastrophe Bonds .

and the output from the existing insurance companies, and investment in, the coal in the EU until 2030.

the Nest is the workplace pension from the government, the test of whether it can invest, your climate-Aware Fund in companies, which is compatible with 1. 5C warming.

environmentalists welcomed the move, But say they do not go remotely far Enough . Scientists say that to avoid Nations to the emissions of five-fold, the increase in the temperature of about 1. 5C.

meanwhile, the head of the two most important environmental authorities have warned that by 2020, the communities and The Natural environment, is the "Last Chance " of The World together against Climate Change .

Climate Change and the damage to the nature are already "catastrophic consequences", the leader of the government, Natural England and the Environment Agency said.

In an article on the, Natural England , Chairman Tony Juniper and the Environment Agency Emma Howard Boyd referred to the recent floods, which saw hundreds evacuated in Fishlake, Doncaster, with some People still out of their homes.

And a report in October about The State of nature in the UK found two-fifths (41%) of the country that had accepted species in The Last 50 Years , and 13% of the species that were persecuted, in danger of extinction in England.

"It is clear that 2020 is to be our Last Chance together, The World wrote to decisive action against Climate Change , the protection of our communities and the alarming loss of wildlife that we experienced in The Last few years," Mr Vice-versa, juniper, and Ms Howard Boyd.

follow Roger

Source of news: bbc.com