The tragedy of the horizon

Categories: Big picture
Published on: January 28, 2016

Corporate Knights / John Lorinc / 19 January 2016

CarneyIt was last September, and [Mark] Carney, presently the head of the Bank of England, had signalled to British parliamentarians that his institution, and the international Financial Stability Board, which he chairs, had just begun an in-depth examination of the systemic risks posed not just by climate change, but by the “unburnable carbon” thesis advanced by the Carbon Tracker Initiative several years prior.

According to the London-based group, the only way to limit global temperature increases to 2 C is to leave vast fossil fuel reserves in the ground – a scenario that could have cascading implications for not just the global energy sector but the investors and governments banking on future profits from those assets.