Home > Economy > Climate change threatens global financial crash | Climate News Network

Climate change threatens global financial crash | Climate News Network

by Paul Brown

LONDON, 2 October, 2015 ? A warning that climate change might make the world’s stock markets and banks unstable and lead to a financial crash has come from Mark Carney, chairman of the G20 countries’ Financial Stability Board. Carney, who is also Governor of the Bank of England, particularly warns about the effects on the market if panic selling occurs and there is a plunge in value of shares in fossil fuel companies and industries that produce a lot of carbon dioxide. These companies, some of the world’s largest, control one-third of stock market assets. If investors realize these stocks are overvalued and try to sell them all at once, it will cause chaos, Carney said. The stark warning is a “remarkable intervention” from one of the world’s most conservative and influential bankers, who says he will be advising the world’s richest nations at the G20 summit in November to put policies in place to prevent climate change causing future severe turmoil in the markets.

Source: Climate change threatens global financial crash – Climate News Network

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.