Home / news / Bank of England boss says global finance is funding 4C temperature rise | Governor of the Bank of England has warned that the global financial system is backing carbon-producing projects that will raise the temperature of the planet by over 4C

Bank of England boss says global finance is funding 4C temperature rise | Governor of the Bank of England has warned that the global financial system is backing carbon-producing projects that will raise the temperature of the planet by over 4C

Financial institution of England boss says world finance is funding 4C temperature rise | Governor of the Financial institution of England has warned that the worldwide monetary system is backing carbon-producing initiatives that may elevate the temperature of the planet by over 4C

View Reddit by wokehedonismView Source

20 comments

  1. No surprise at all. Corporations do what they do because they are machines for turning money into more money. Not because they’re good for the world. Some are good for the world, but not all of them. Plenty aren’t bad for the world, either.

    But some of them _are_ bad for the world. If making money is happening with machines that could be killing/poisoning us or destroying our planet, it’s probably a good idea to stop putting money into those particular machines.

    If the corporations won’t regulate this themselves to mitigate these kinds of dangers, then that force/change is going to have to come from somewhere else. From the consumers and investors who stop making those damaging projects profitable, or from governments stopping such machines from having such projects (regulation). But it has no reason to change what it is right now.

  2. Due to other commenters complaining about what is being done and the woes of the capitalist system based on this headline I will explain what this truly means.

    ​

    Mark Carney is the man in charge of the central bank of the United Kingdom, this means he is not a politician. Mr Carney can not legislate any action against firms who do fund climate change. That’s not to say he cant to anything. The paraphrase in the headline is taken from him talking to politicians in the Commons Treasury Committee, where he is clearly explaining the future risks at stake in capital markets due to climate change. You could argue that he is informing them so that they may make the best choice in legislation.

    ​

    What Mr Carney can do directly is oversee the capital and financial markets. To this end Mr Carney has done a great deal with his limited powers to combat climate change. For one, he is advocating for publicly traded firms to disclose their environmental impact (much like how they must disclose their financial information) so that actors can make rational and informed decisions. In addition, the central bank can make binding recommendations to commercial banks about their investment portfolio.

    ​

    When you put this together you find that Mr Carney is attempting to create an environment where investors know the true environmental impact of firms and where the central bank can mandate major financial actors (most notably banks) to change their portfolio composition if it is too exposed to climate change.

    ​

    Mr Carney has shown his ability to do a great amount to help with his limited powers, far more than the idle talk other commenters accuse him of. In addition, he shows that by harnessing the incentive structure of the capitalist system, we can turn institutions such as capital markets into tools to combat climate change.

  3. Companies 101 – Profits are more important than everything else

  4. >World leaders agreed in the Paris climate accords to keep the temperature rise this century well below 2C above pre-industrial levels and to pursue efforts to limit the rise to 1.5C.
    >
    >But in a stark illustration of the scale of the decarbonisation challenge facing the world economy, Carney suggested companies had already secured financing from investors in the global capital markets – worth $85tn (£67.2tn) for stocks and $100tn for bonds – that will keep the world on a trajectory consistent with catastrophic global heating.
    >
    >The risks associated with temperatures at or above 4C include a 9-metre rise in sea levels – affecting up to 760 million people – searing heatwaves and droughts, serious food supply problems and half of all animal and plant species facing local extinction.

  5. Let’s stop calling them carbon credits and start calling them earthcooking credits

  6. Meanwhile thousands of pro-earth activists were arrested by the British government in less than two weeks.

  7. Capitalism was a mistake, the whole system needs to be overhauled not just these petty changes like plastic free straws. Enough is enough. The choice is simple, humanity surviving or capitalism.

  8. Does he say if he’s going to do anything about it

  9. Carbon producing projects? Isn’t everything a carbon producing project?

  10. More central banks need to sound the warning bells about these projects.

  11. Anything to suck the corporate dong

  12. the more i think about climate change, the more i’m convinced we have to come up with a way that would be profitable to billionaires. until an investor can somehow take advantage of us and suck all our money, nothing is going to be done. and we have to let them rip us off for it. then maybe some action will happen.

  13. What can be done about this? What can the average person do to make sure this doesn’t happen?

  14. Greta Thunberg will remember that.

  15. Actually a very important historical moment.

    When US fed chair has been asked about climate change’s impact/threat to financial system stability. He hemmed and hawed about property values and their insurability/mortgageability and how that could get out of hand.

    But the real threat to the financial system is the possibility that the funding of climate terrorists will fall out of favour. It is certain that, one day, climate terrorists will be treated like opioid shillers and the scum that funds/funded the climate destruction will at least lose their investments even if they do not join the climate terrorists on the lynching stage.

    So Powell and the fed, who claims they are modelling the impacts of climate change on the financial system, have to include as part of their core models the losses from stranded fossil fuel assets that necessarily occur as the fire in the house no longer has the “this is fine” meme, and gasoline is not seen as a viable tool to putting out the fire.

  16. What does 4C look like? Does it trigger warming feedbacks?

  17. 4C?

    Last I checked, the UN was saying around 2C.

    What changed?

  18. Does no one else get that its all intentional? world population is too high, this will solve that by getting rid of the poor and most of whats left of the middle class, rich will stay mostly unaffected , then once population is under control start fixing things . Its very simple, when you know what your doing will have dire consequences the only answer is that its intentional.

  19. No surprise – those assholes will just retreat to their doomsday bunkers in New Zealand when it all goes to shit (of which the locations I would just *love* to be privy to).

  20. This clearly a planet population issue. The world is undeniably overpopulated. It seems to me that this is a perfect opportunity for the power mongers to decrease that population, and to increase their ability to control those left behind through their control through food and clean water shortages. Watch it happen.

Leave a Reply