Mark Carney says climate change could have 'huge' cost to insurers

The speed at which assets such as coal, oil and gas reserves are re-priced to reflect the impact of climate change is vital to reduce potentially "huge" financial risks to British insurers and other investors, he said.

"Risks to financial stability will be minimised if the transition begins early and follows a predictable path," Carney told a Lloyd's of London insurance market event.

The goal of limiting global temperature rises to two degrees above pre-industrial levels would render the vast majority of fossil fuel reserves "stranded" or unburnable without expensive carbon capture technology, he said.

When New Democratic Party candidate Linda McQuaig raised some of the same issues in the current federal election campaign, saying part of Canada's fossil fuel resources might have to be left in the ground, it played as a left-right issue.

"For the hundreds of thousands of people whose jobs are dependent on Canada's energy sector, listen to what you just heard," responded Conservative candidate Michelle Rempel.

But for Carney's audience at a Lloyd's of London black tie dinner, the issue is not a matter of left or right politics, but a matter of profit and loss.

The other part of Carney's warning was the danger that climate change would mean the entire global economy would become less productive, shrinking the future value of certain investment holdings.

"In the fullness of time, climate change will threaten financial resilience and longer-term prosperity," Carney said in his speech. "While there is still time to act, the window of opportunity is finite and shrinking."

But according to analysis from sources such as a group of scientists who call themselves Climate Interactive, we may already be too late.

"BartSimpson" said
This is yet another bullshit scare tactic being used to prop up the dying religion of Global Warming Alarmism.

And, OH MY GOD!!!! We might be TOO LATE!!!!