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Markets: act now on climate change disclosure, says Bank of England Governor Mark Carney

The Governor of the Bank of England called for a task force to address lack of reliable climate change information in markets, however it is important to act quickly and not to reinvent the wheel.

Mark Carney, Governor of the Bank of England, warned markets of the losses that could arise from the lack of climate action, proposing better climate disclosure as the solution to drive markets towards more stable markets through climate resilience.

Mr Carney proposed to set up a new task force to address the challenge of providing climate change-related information that drives financial stability.

“This is a truly significant call to action, but it is important not to reinvent the wheel and to use the work that has already been done to move forward”, said Jane Stevensen, Managing Director of the Climate Disclosure Standards Board.

The Climate Change Reporting Framework was pioneered by a consortium of key business, environmental and investor groups with the technical support of all of the major accounting firms, over the past eight years.

This is an opportunity for the mainstream to use the work that has already been done by this consortium to provide robust climate change information to the mainstream in order to encourage markets act to address the risks associated with climate change.

Over 300 major companies around the world and institutional investors with more than $45 trillion under management have already committed to use this shared framework. This provides a strong foundation on which any such task force can build right now, rather than delaying action by developing a new way.

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