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Bank of England boss says global finance is funding 4C temperature riseND
Richard Partington, The Guardian, Wednesday October 16, 2019
The governor of the Bank of England has delivered a stark warning to international capital markets over the financing of carbon-producing projects that will lift global temperatures by more than four degrees this century. Mark Carney, the governor of Britain’s central bank suggested companies had secured financing from investors in the market worth around US $85 trillion for stocks and US $100 trillion for bonds that will raise the planet’s temperature well above the two degrees agreed on in the Paris Agreement. Governor Carney’s intervention comes after some investment companies have analysed the effects of carbon-linked assets in their portfolios. The risks associated with this dramatic rise in temperatures include a 9-metre rise in sea levels which will affect up to 760 million people. “The contribution of manufacturing or an industrial company in terms of lowering their carbon footprint over the next decade, a big reduction in that, can be as significant if not more significant than further development in the short term on renewables,” Governor Carney said to MPs on the Commons Treasury committee.
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