Bank of England governor says efforts to reverse global warming will lead to ‘major changes’ in UK economy

Companies that fail to respond to the challenges of climate change “will go bankrupt without question”, the governor of the Bank of England has warned.

Mark Carney said banks and insurance companies were among firms threatened by growing efforts to tackle global warming, which he said would result in “major changes” to the economy.

But he insisted that capitalism was “part of the solution” to addressing the crisis and said there would be “great fortunes made” by companies that understood this.



Earlier this month, the government ordered the Bank of England to assess the readiness of the UK financial system to cope with changes that will result from climate change and attempts to tackle it.

Mr Carney warned businesses that they will go bust if they fail to respond to efforts to reverse global warming.

Read more: Independent