My message today is simple. Climate change poses significant risks to the economy and to the financial system, and while these risks may seem abstract and far away, they are in fact very real, fast approaching, and in need of action today.
That’s how Sarah Breeden began her speech titled “Avoiding the storm: Climate change and the financial system”
(pdf) yesterday. Breeden is the Bank of England’s executive director of
International Banks Supervision and she was speaking at the Official
Monetary & Financial Institutions Forum in London.
The urgency in Breeden’s speech was also on display on London’s streets. Earlier in the day, the environmental group Extinction Rebellion blocked traffic
in five iconic locations across the city in a peaceful, non-violent
protest to bring attention to “inactivity” of governments on fighting
climate change.
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