Financial services have been too slow to cut investment in fossil fuels, a delay that could lead to a sharp increase in global temperatures, Bank of England Governor Mark Carney said in an interview broadcast on Monday. Carney, due to become the United Nations’ special envoy for climate change next year when he steps down… Continue reading Financial Services Industry Must Act Faster on Climate Change Says BOE’s Carney
Tag: climate change
Exxon Found Not Guilty of Fraud in Climate-Change Accounting Case
A New York state judge found Exxon Mobil Corp. not guilty of fraud, saying Tuesday that the New York state attorney general had failed to establish the oil giant had deceived its investors about how it accounted for the cost of future climate-change regulations. The verdict, which capped a nearly three-week civil trial between Exxon… Continue reading Exxon Found Not Guilty of Fraud in Climate-Change Accounting Case
Fighting Climate Change Will Cost Companies Trillions: Allianz Report
Fighting climate change will cost companies worldwide nearly $2.5-trillion over the next 10 years, according to an estimate by Allianz. The German insurer analysed the most important measures currently enacted or under discussion to rein in global warming and found that the energy sector alone will be hit with an additional cost of $900bn. Further… Continue reading Fighting Climate Change Will Cost Companies Trillions: Allianz Report
‘Bleak’ U.N. Report Finds World Heading to Climate Catastrophes
Four years after countries struck a landmark deal in Paris to rein in greenhouse gas emissions in an effort to avert the worst effects of global warming, humanity is headed toward those very climate catastrophes, according to a United Nations report issued Tuesday, with China and the United States, the two biggest polluters, having expanded… Continue reading ‘Bleak’ U.N. Report Finds World Heading to Climate Catastrophes
Investors, Including Insurers, Step Up Pressure on Global Energy Watchdog Over Climate Change
Fatih Birol, the head of the International Energy Agency (IEA), faced renewed pressure on Monday from investors and scientists concerned about climate change to overhaul the agency’s projections for fossil fuel demand. Pension funds, insurers and large companies were among 65 signatories of a joint letter to Birol, seen by Reuters, urging him to do… Continue reading Investors, Including Insurers, Step Up Pressure on Global Energy Watchdog Over Climate Change
Agency Says Climate Change Imperils 60% of Superfund Sites
At least 60% of U.S. Superfund sites are in areas vulnerable to flooding or other worsening disasters of climate change, and the Trump administration’s reluctance to directly acknowledge global warming is deterring efforts to safeguard them, a congressional watchdog agency says. In a report issued on Monday, the Government Accountability Office called on Environmental Protection… Continue reading Agency Says Climate Change Imperils 60% of Superfund Sites
Wall Street Increasingly Weighs Risk from Climate Change
In the wake of two years of devastating wildfires in California, Wall Street is incorporating a new risk metric when evaluating companies: climate resiliency. Investors, analysts, research firms and companies are putting more emphasis on how climate issues ranging from rising sea levels to record heatwaves will affect profits and revenues in the United States… Continue reading Wall Street Increasingly Weighs Risk from Climate Change
Exxon Trial Probes How Oil Giant Accounts for Climate Change
New York’s attorney general is accusing Exxon Mobil of lying to investors about how profitable the company will remain as governments impose stricter regulations to combat global warming. The lawsuit, which is set to go to trial Tuesday, claims the Texas energy giant kept two sets of books — one accounting for climate change regulations… Continue reading Exxon Trial Probes How Oil Giant Accounts for Climate Change
Swiss Re Committed to Net-Zero Emissions by 2050 on the Asset and Liability Side
The effects of climate change and global warming are already evident and shaking up our risk landscape: warmer average temperatures, rising sea levels, melting ice caps, longer and more frequent heatwaves, erratic rainfall patterns and more weather extremes. Tackling climate change and advancing the transition to a low-carbon economy are key topics for Swiss Re’s… Continue reading Swiss Re Committed to Net-Zero Emissions by 2050 on the Asset and Liability Side
UN Climate Report Warns of Warming Oceans, Sea Level Rise
The latest United Nations’ climate report released Wednesday paints a dire picture of the world’s oceans, warning that some ice melt may be irreversible as the globe faces rising sea levels that threaten coastal areas. Even if countries significantly curbed their emissions, the planet is marching toward sea level rise of a meter, and most… Continue reading UN Climate Report Warns of Warming Oceans, Sea Level Rise