Mark Carney, became the most prominent capitalist to name the elephant in the boardroom: “The challenges currently posed by climate change pale in significance compared with what might come,” Carney told his audience at a Lloyd’s of London dinner. “Once climate change becomes a defining issue for financial stability, it may already be too late.” Investors, he warned, face “potentially huge” losses from climate change action that could make vast reserves of oil, coal, and gas “literally unburnable.”
