Ten years ago, then-governor of the Bank of England Mark Carney gave a speech at Lloyd’s of London titled “Breaking the tragedy of the horizon.” It outlined his plan for the global financial system to internalize the “catastrophic impacts of climate change.” It was the first time Carney had publicly identified climate change as a threat to the stability of global financial markets — one that governments and regulators had to combat. Carney called on banks, insurance companies, public pension plans and other institutional investors to align their financing with their climate commitments by restricting oil and gas companies’ access to capital and investing instead in companies that would help the transition to the “net-zero world of the future.”
