Bank of England governor warns of climate change risks

CLIMATE change and increasingly severe weather pose a grave risk to financial systems and long-term prosperity, the governor of the Bank of England says.

MARK Carney said that by the time climate change becomes a defining issue for financial stability "it may already be too late", in a speech to business leaders hosted by Lloyds insurance in London on Tuesday.

The Canadian economist said that since the 1980s the number of weather-related loss events for insurers had tripled, with inflation-adjusted losses rising from $US10 billion per year to $US50 billion per year.
"Our societies face a series of profound environmental and social challenges," Carney said.

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