Former NYC mayor Michael Bloomberg has been chosen to lead a global task force on climate change. Mark Carney, governor of the Bank of England and FSB chair, told the Guardian that more information would be provided at the ongoing COP21 Paris climate change forum, but that the task force would be used to assess the growing risks to international financial systems due to climate change.
Although the details have not been made public yet, Carney, who proposed the creation of a climate change task force earlier this year, told the paper that the industry-led body would be focused on helping financial markets understand the mounting risks of climate change. By promoting emissions transparency and sustainability goals of large companies, investors would be better prepared to address financial challenges, avoiding potential fiscal pitfalls in the process.
Carney also highlighted Bloomberg’s experience in the field of climate change, saying that the former NYC mayor had “an unparalleled track record of execution in a broad range of fields and his lifelong commitment to open and transparent financial markets make him the ideal leader for the task force.”
Bloomberg also emphasized the importance of financial transparency when it comes to combating climage change on a global level, “It’s critical that industries and investors understand the risks posed by climate change, but currently there is too little transparency about those risks. While the business and finance communities are already playing a leading role on climate change, through investments in technological innovation and clean energy, this task force will accelerate that activity by increasing transparency. And in doing so, it will help make markets more efficient, and economies more stable and resilient.”
The unit, which will conduct public outreach, is expected to complete its work within a year in order to deliver specific recommendations for voluntary disclosure principles in regards to emissions and other polluting practices.
Via The Guardian
Images of Bloomberg via NYC Mayors Office