“Breaking the Tragedy of the Horizon – Climate Change and Financial Stability”, Important speech with focus on climate risk and insurance by Mark Carney, Governor of the Bank of England

By Dr. Magdalena A K Muir. Advisory Board Member, Climate & Climate Editor

In an important speech, Mark Carney, the Governor of the Bank of England  and Chairman of the Financial Stability Board, discussed climate risks for the global economy and global financial stability with a focus on the insurance sector, a sector which has been relatively enlightened on climate issues. Mr Carney stressed that that businesses and regulators needed to move more quickly  contain the potential economic damage even though it may seem uncertain and far off. His message was delivered in a 4,400-word speech that can be read online or viewed on Youtube.