The governor of Carney , Mark Carney , has said that a failure by banks and insurers to provide greater information about their exposure to climate risks could cause a “catastrophic impact” on the financial system. Mark Carney , who called for a quadrupling of financing of new technology and infrastructure projects, referenced the work of economist Minsky , who showed how banks overreached themselves prior to the this year crisis, referring to the possibility of a “climate Carney moment”.
The governor of the Bank of England, Mark Carney, has said that a failure by banks and insurers to provide greater information about their exposure to climate risks could cause a “catastrophic impact” on the financial system. Carney, who called for a quadrupling of financing of new technology and infrastructure projects, referenced the work of economist Hyman Minsky, who showed how banks overreached themselves prior to the 2008 crisis, referring to the possibility of a “climate Minsky moment”.