markcarney
Bank of England governor Mark Carney: ‘vast majority of reserves are unburnable’ Photograph: Lynne Cameron/PA

Mark Carney: most fossil fuel reserves can’t be burned

The governor of the Bank of England has reiterated his warning that fossil fuel companies cannot burn all of their reserves if the world is to avoid catastrophic climate change, and called for investors to consider the long-term impacts of their decisions.

According to reports, Carney told a World Bank seminar on integrated reporting on Friday that the “vast majority of reserves are unburnable” if global temperature rises are to be limited to below 2C.

Carney is the latest high profile figure to lend his weight to the “carbon bubble” theory, which warns that fossil fuel assets, such as coal, oil and gas, could be significantly devalued if a global deal to tackle climate change is reached.

The movement has gained traction in recent weeks, with the World Bank leading an initiative with 73 national governments, 11 regional governments, and more than 1,000 businesses and investors to build support for a global price on carbon emissions during the United Nations climate summit in New York.

At the same time, the Global Invest-Divest Coalition of more than 160 institutions and local governments, as well as more than 500 individuals, together pledged to divest $50bn from fossil fuel investments within the next three to five years and reinvest in new clean energy sources….more

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On Sept 19, 2023 ahead of the Climate Ambition Summit in New York City, climate activists gathered for a rally and civil disobedience outside Bank of America Tower in Midtown Manhattan as part of the March to End Fossil Fuels wave of actions resulting in multiple arrests. Activists demand Bank of America to “Defund Climate Chaos and Defend Human Rights” Photo: Erik McGregor (CC BY-NC 2.0 Deed)

Let’s Save Each Other

Let’s Save Each Other

Illustration by Stephanie McMillan. Used with permission