"Many Photos" - Companies face bankruptcy if they fail to prepare for climate change, Bank of England boss warns

Companies that fail to prepare for climate change will go bankrupt, according to the governor of the Bank of England.

Mark Carney also said the Bank had been asked by the Government to assess how well prepared the economy was for global warming.

'The Government has said to us one of your responsibilities when you look at the stability of the financial system is to look at the risk from climate change,' he told Channel 4 News. 

Bank of England boss Mark Carney (pictured) said that if companies that fail to prepare for climate change will go bankrupt

'Because of the climate change risk, because of the speed of adjustment, we are going to stress test the UK financial system to see how ready it is for climate change.' 

Mr Carney said the Bank's job was 'to make sure the financial system can be there and provide the funds for whatever path the country chooses to take'.

He added: 'The country is moving to net zero carbon by 2050. That is a legislative objective and that is going to require some pretty major changes. 

'Companies that don't adapt, including companies in the financial system, will go bankrupt without question.

Mr Carney said the Bank's job was 'to make sure the financial system can be there and provide the funds for whatever path the country chooses to take'. He added: 'Companies that don't adapt, including companies in the financial system, will go bankrupt without question'

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News Photo Companies face bankruptcy if they fail to prepare for climate change, Bank of England boss warns 
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