{"id":6418,"date":"2015-03-11T06:08:28","date_gmt":"2015-03-11T11:08:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6418"},"modified":"2015-03-11T06:08:28","modified_gmt":"2015-03-11T11:08:28","slug":"mark-carney-defends-bank-of-england-over-climate-change-study","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6418","title":{"rendered":"Mark Carney defends Bank of England over climate change study"},"content":{"rendered":"
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Mark Carney defends Bank of England over climate change study<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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Governor hits back at Nigel Lawson\u2019s description of research into effects of global warming on insurance industry as \u2018green claptrap\u2019<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Climate change is one of the biggest risks facing the insurance industry, the governor of the\u00a0Bank of England<\/a>\u00a0has said after a former Conservative chancellor dismissed a study on global warming as \u201cgreen claptrap\u201d.<\/p>\n

Speaking at the House of Lords, Mark Carney mounted a robust defence of the Bank\u2019s work on the impact of climate change on the insurance industry in the face of claims by Nigel Lawson that it had its priorities wrong.<\/p>\n

Lawson, who has\u00a0claimed<\/a>\u00a0\u201cthere is no global warming to speak of going on at the moment\u201d, a view that puts him outside the\u00a0overwhelming scientific consensus<\/a>, attacked the bank for \u201cfocusing on green claptrap\u201d rather than the remaining problems in the UK\u2019s financial sector.<\/p>\n

Lawson was referring to a recent speech by Paul Fisher, a senior policymaker at the Bank, who warned insurers they could take a \u201chuge hit\u201d by investing in fossil fuels, which could collapse in value if action is taken to curb greenhouse gas emissions in line with scientific advice. Fisher is deputy head of the Bank\u2019s Prudential Regulation Authority, which supervises insurers and banks with the aim of ensuring financial stability.<\/p>\n

The Bank has recently surveyed the insurance industry on its fossil fuel investments, as it\u00a0investigates the risk of an economic crash if action on climate change renders oil and gas assets worthless<\/a>. The contribution from Threadneedle Street is expected to be published after the election by the Department for Environment, Food and Rural Affairs (Defra) as part of a bigger report on the impact of climate change.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

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Mark Carney defends Bank of England over climate change study Governor hits back at Nigel Lawson\u2019s description of research into effects of global warming on insurance industry as \u2018green claptrap\u2019 Climate change is one of the biggest risks facing the insurance industry, the governor of the\u00a0Bank of England\u00a0has said after a former Conservative chancellor dismissed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[56,141,328,369,995,4101,4100],"class_list":["post-6418","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-bank-of-england","tag-climate-change","tag-fossil-fuels","tag-global-warming","tag-mark-carney","tag-nigel-lawson","tag-paul-fisher"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6418"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6418\/revisions"}],"predecessor-version":[{"id":6419,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6418\/revisions\/6419"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}