Mark Carney said that there was an argument for companies to stop investing in fossil fuel EPA/ZIPIThe governor of the Bank of England has urged pension fund managers to wake up to climate change to stop their investments from becoming worthless. “A question for every company, every financial institution, every asset manager, pension fund or insurer: what’s your plan?” Mark Carney said when he was interviewed for Radio 4’s Today programme. He acknowledged that some businesses were starting to curb their investment in fossil fuels, adding: “If we were to burn all those oil and gases there’s no way we would meet carbon budgets. Up to 80 per cent of coal assets will be stranded and up to half of developed oil reserves.”The governor said in relation to divestment that companies “have to make the judgment and justify [it] to…

Source: The Times December 30, 2019 00:05 UTC