Climate change action could have negative economic impact

IN A CONTROVERSIAL speech the Bank of England (BoE) warned that insurance companies could face a ‘huge hit’ if any real action was taken on climate change.

Foodservice Footprint P23-286x300 Climate change action could have negative economic impact Foodservice News and Information Grocery sector news updates Out of Home sector news  Prudential Regulation Authority PRA Paul Fish Fossil Fuel Bank of England

 

 

 

 

 

 

 

 

 

 

 

 

 

Paul Fisher, deputy head of the BoE’s Prudential Regulation Authority (PRA) spoke ahead of the UN climate change summit in December, saying insurers investing in fossil fuel assets could be left "stranded" by policy changes which limit their use.

 

"As the world increasingly limits carbon emissions, and moves to alternative energy sources, investments in fossil fuels and related technologies, a growing financial market in recent decades, may take a huge hit," Fisher told an Economics conference.

 

"There are already a few specific examples of this having happened."

 

The BoE has been analysing the risks and will deliver a report to the government later this year.

 

"We are seeking to understand how these changes may impact upon the PRA's objectives and how that could shape our role going forward," Fisher said.

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