Bank of England head Mark Carney, soon to become UN special envoy on climate action and finance, urged companies on Monday to move faster on helping to cut carbon emissions.
In an interview with BBC radio's Today programme guest-edited by Swedish teenage climate activist Greta Thunberg, Carney said the world of business needed to step up action, including on the disclosure of climate risk from their operations.
"A question for every company, every financial institution is: what's your plan? We now have $120 trillion of balance sheets of banks and asset managers wanting this type of disclosure." But he stated that such action is "not moving fast enough".
Asked whether pension funds should divest from fossil fuels even if the returns are currently attractive, Carney said: "Well, that hasn't been the case, but they could make that argument. They need to make the argument, to be clear about why is that going to be the case if a substantial proportion of those assets are going to be worthless."
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