Carney-Bloomberg Climate-Related Financial Disclosures Task Force Maps Bankers’ Climate Dictatorship
Oct. 9, 2019 (EIRNS)—Industry-extinction advocate Mark Carney, Governor of the Bank of England, warned major corporations that they have two years to agree to rules for reporting climate risks in the context of his “green finance” push—i.e., how much CO2 is emitted from your investment. He said in no uncertain terms that if they don’t, central banks and other global regulators will draft their own rules and make them compulsory. Carney was speaking at the Task Force on Climate-related Financial Disclosures (TCFD) summit that took place Oct. 8 in Tokyo, under the aegis of the World Business Council for Sustainable Development and the TCFD Consortium of Japan
Launched in 2015 by the Financial Stability Board, the TCFD is the brainchild of Carney, who was then FSB chairman, and Michael Bloomberg, who is TCFD chairman. Bloomberg claims to have already recruited four-fifths of the top 1,100 companies operating from the G20 countries to disclose climate-related risks in line with some of the TCFD recommendations.
“The TCFD needs to reach a definitive view of what counts as a high-quality disclosure before they become mandatory. In my view the next two reporting periods should balance the urgency of the task and the imperative of getting it right,” Carney said.
“This is best delivered by the current process of disclosure by the users of capital, reaction by the suppliers of capital, and adjustment of these standards to ensure that the TCFD metrics are as comparable, efficient and as decision-useful as possible.”
Carney said this is required for green investors to know what companies to invest in.
“In convening this summit, [host] Prime Minister Abe has rightly highlighted the enormous investments that will be necessary to deliver these objectives. With an estimated $90 trillion of infrastructure spending expected between 2015 and 2030, the right decisions now can make sure those investments are both financially rewarding and environmentally sustainable.”