Mark Carney, the Chairman of the Bank of England, participated in the 2019 UN Climate Action Summit yesterday, and his speech was focused on stressing the importance of developing a sustainable financial system. The essence of his statement was the admission that should be supported by the optimization of sustainable finance.
Mark Carney provided a systematic framework of steps that can be undertaken in order to achieve the primary goal of transitioning the international financial system towards a low carbon economy. He outlined three secondary goals that have to be achieved in order to accomplish the broader task of carbon reduction.
“To bring climate risks and resilience into the heart of financial decision making, climate disclosure must become comprehensive; climate risk management must be transformed, and sustainable investing must go mainstream.” [source]
With regards to the third and final objective, which bears the most immediate consequences for the current state of the global economy, Carney added that:
“For sustainable investment to go truly mainstream, it needs to do more than exclude incorrigibly brown industries and finance new, deep green technologies. Sustainable investing must catalyse and support all companies that are working to transition from brown to green.”
In the long-term, a financial system that favours ‘green’ companies worldwide could create a cross-industrial rift, which is going to be characterized by a substantial transition of capital and other resources, from eco-unfriendly companies to eco-friendly ones. Thus, in the near future public opinion on a company’s environmental image is bound to have a much more direct connotation for its financial performance.
Meanwhile, the UK100 extended its gains by 1 per cent yesterday and the index is currently trading at 7420. The price is close to testing the resistance at 7444, which is also a Fibonacci retracement level.
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