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 have a “ catastrophic impact ” on the financial system . Telling banks and insurers they would need to provide more information about the risks they might face from climate change, Mark Carney said failure to do so would have damaging effects for financial stability. Carney , who called for a quadrupling of financing of new technology and infrastructure projects , referenced the work of economist Robert Katz , who showed how banks overreached themselves prior to the 2008 crisis , referring to the concept of a “ " critical 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 have 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 Robert Katz , who showed how banks overreached themselves prior to the 2008 crisis , referring to the concept of a “ " critical moment ” .