LONDON - Bank of England Governor Mark Carney called on the world’s businesses to publish strategies for cutting carbon emissions and adopting cleaner power sources by November, when world leaders meet in Scotland for U.N.-led climate talks.
“For Glasgow that must be well on the path. That is the norm. That the question doesn’t even have to be asked because companies are answering that question as part of their strategy. The Canadian banker, who disarmed the British insurance industry in 2015 when, in a speech called “Tragedy of the Horizon,” he warned of their exposure to climate-related events, has been one of the most vocal public figures to push for better supervision and disclosure of climate risk.
Carney said November’s COP26 climate talks would also be a good deadline for regulators to map out how to make the TCFD framework compulsory. “It would be productive if other jurisdictions that potentially will have mandatory disclosure standards... used more conventional routes than legislation, such as securities regulations or listing standards. Let’s have that conversation,” Carney said.
Efforts by businesses, investors and financial institutions to disclose climate risk are gathering pace.