“Enable, Empower, Ensure: A new finance for the new Economy”
Mark Carney, Governor of the Bank of England, made a speech yesterday evening at Mansion House in London detailing how the Bank of England will support the transition to a climate neutral economy with a climate stress test of the UK financial system. The Bank also expects all listed companies and large asset owners to use these by 2022.
Mr Carney devoted an entire section of his speech to ensure that the UK is ready with finance to enable the smooth transition to a carbon-neutral economy, stating that the City has been leading the way but that we must go much, much further.
He announced the new stress test:
Elmhurst Energy’s Technical and Operations Director Stuart Fairlie commented: “We very much welcome Mark Carneys words as the ability for the economy to be ready for the carbon neutral future is essential. The Bank of England’s influence on ensuring that we are ready as a nation is vital; the more businesses and organisations that understand the opportunities this provides, the better for all of us. Taking Mr Carney’s conclusion, finance in itself is not a means to an end, it provides the solutions to households, innovators and entrepreneurs to achieve their goals. The goals of a sustainable future for all, seems to be mainstream, long may this continue.”
You can read the full speech here: