- Paul Ingram
Will failing to adapt to climate change result in businesses going bankrupt? - Mark Carney thinks so
The Bank of England's Governor, Mark Carney, while speaking to Channel 4 News, said that companies that fail to adapt to climate change will "without question" go bankrupt.
Although he did also state that he believes that "great fortunes" will be made along the way.
Mr Carney further explained how capitalism can help, with more money shifting towards adapting for climate change being a large answer to the problem.
He also stated that the damaging effects of ignoring climate change were increasing.
Mark Carney, “Now there is $120 trillion [£99tn] of capital behind the framework that’s saying to companies: ‘Tell us how you’re going to manage these risks’ – that’s the first thing.
“The second thing that the capitalist system needs to do is to manage the risks around climate, be ready for different speeds of the adjustment and then the most important thing is to move capital from where it is today to where it needs to be tomorrow. So the system is very much part of the solution.”