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Carney’s Carneyage: Bank Of England Backs Down on Mandatory Climate Change Disclosure

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Watts Uo With That?

Despite minimal efforts by London banks to disclose their alleged climate risk, the Bank of England has mysteriously opted not to impose mandatory climate disclosure rules.

Banks will not be forced to reveal climate change risks they face

Richard Partington
Economics correspondent
Tue 16 Oct 2018 00.11 AEDT

Critics demand tougher action as Bank of England stops short of call for mandatory reports

The Bank of England has stopped short of forcing financial companies to disclose the potential risks they face from climate change, despite growing calls from campaigners for such action.…

The Bank has previously said that only 10% of banks take a long-term view of the risks posed by climate change, while Mark Carney, its governor, has said that failure to adapt would have a “catastrophic impact” on the financial system.…

Although opting against mandatory disclosures, the Bank said firms ought to identify a senior manager with responsibility for managing the financial risks posed by climate change, with clear “board-level engagement”.

Read more: https://www.theguardian.com/environment/2018/oct/15/banks-will-not-be-forced-to-reveal-climate-change-risks-they-face

I believe the Bank of England backed way from mandatory disclosure, because forcing the application of strict accounting rules to IPCC predictions would unequivocally reveal what a pile of junk they are.

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