The Bank of England Governor has warned that climate change threatens global financial stability and prosperity. As Hayley Platt reports, Mark Carney says there is ''still time to act'' but ''the window is finite and it's closing.''
Super storm Sandy reportedly cost New York City $200 million a day in permanently lost economic activity in 2012. The calculations included everything from pizza slices to Wall Street deals. The impact of climate change on the financial sector was raised in London by the Bank of England boss. Mark Carney says companies should be more open about their "climate change footprint" or risk sudden changes in asset prices. (SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "In the fullness of time climate change will threaten financial resilience and longer term prosperity. While there is still time to act, the window is finite and it's closing." He was speaking to insurance chiefs in London just 10 weeks ahead of a UN Conference on climate change. That's going to be watched closely in Britain as many FTSE 100 firms are in the fossil fuel business. Jane Foley is from Rabobank. (SOUNDBITE) (English) SENIOR FX STRATEGIST, RABOBANK, JANE FOLEY, SAYING: "If the world does really turn against fossil fuel it's going to be very hard for these companies to catch up if they have left their investments in new industries too late." Earlier this week Shell pulled out of oil exploration in the Arctic to the delight of green activists. The oil giant may have had an eye on the Paris Conference. Its goal is to limit global temperature rises to two degrees above pre-industrial levels. That would make most fossil fuel reserves unburnable - without companies investing in carbon capture technology - an expensive option many might prefer to avoid.