By Damian Carrington
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Carney has led efforts to address the dangers global heating poses to the financial sector, from increasing extreme weather disasters to a potential fall in asset values such as fossil fuel company valuations as government regulations bite. The Guardian revealed last week that just linked to more than a third of all emissions in the modern era.
The Bank of England has could be wiped out if the climate emergency is not addressed effectively. But Carney also said great fortunes could be made by those working to end greenhouse gas emissions with a big potential upside for the UK economy in particular..
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In an interview with the Guardian, Carney said to their business was key to a smooth transition to a zero-carbon world as it enabled investors to back winners.
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Far from damaging the global economy, climate action bolsters economic growth, according to Carney. “There is a need for [action] to achieve net zero emissions, but actually it comes at a time when there is a need for a big increase in investment globally to accelerate the pace of global growth, to help get global interest rates up, to get us out of this low-growth, low-interest-rate trap we are in.”
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