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Central Banks Warn of Financial Risks in Open Letter

Central Banks Warn of Financial Risks in Open Letter

The heads of two major central banks have written a stark warning about the financial risks of climate change, the BBC reports.

Bank of England governor Mark Carney and France's François Villeroy de Galhau set out the dangers to the global economy in an open letter.

"If some companies and industries fail to adjust to this new world, they will fail to exist," they wrote.

The letter was co-signed by the chair of the climate-focused Network for Greening the Financial System (NGFS).

The NGFS is a coalition of 34 central banks which was formed in 2017, with the Bank of England as a founding member. It released its first major report into climate-related financial risks on 17 April.

In the letter published by the Bank of England on April 17, Carney and Villeroy de Galhau describe "the catastrophic effects of climate change" already having an impact on the planet, such as "blistering heatwaves in North America to typhoons in south-east Asia and droughts in Africa and Australia".

They say that "these events damage infrastructure and private property, negatively affect health, decrease productivity and destroy wealth".

The NGFS elaborates in its "call to action" report, saying that climate change will lead to "disruptive events such as mass migration, political instability and conflict".

This is why world leaders signed the Paris climate agreement in 2015 and committed to reducing their respective countries' carbon emissions, the letter continues, in order to limit the global temperature rise to well below 2 degrees Celsius.

"But this transition brings its own risks," they add.

 

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