By Greig Aitken, BankTrack, 2 October 2015
With just two months to go now before the United Nations climate summit in Paris, the warnings about the consequences of climate inaction are coming thick and fast.
Stepping up this week has been Mark Carney, the governor of the Bank of England, with tough talk on how climate change will lead to financial crises and falling living standards – that is “unless the world’s leading countries do more to ensure that their companies come clean about their current and future carbon emissions.”
What almost every major country has been doing in the run-up to Paris is submitting their pledges to reduce carbon emissions, the so-called ‘intended nationally determined contributions’. As the Climate Progress website has reported this week, the pledged CO2 reductions – including from the US, the European Union and China – have delivered something on paper at least. Growing realism, however, about where even a ‘successful’ Paris agreement will likely leave us is summed up thus by Climate Progress:
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