September 25, 2019 / 4:57 PM / 25 days ago

BOE's Carney: financial firms underestimating climate change risk

FILE PHOTO: Mark Carney, Governor of the Bank of England (BOE) speaks at the Council on Foreign Relations in New York, U.S., September 10, 2019. REUTERS/Mike Segar

(Reuters) - Bank of England Governor Mark Carney said on Wednesday that physical risks of climate change are increasing and that financial firms need to prepare to minimize the downside.

“This will affect the value - in some cases positively, in some case negatively - of every single financial asset,” Carney said, reiterating some of his concerns about the risks climate change poses to the stability of the global financial system.

Carney spoke at a business conference in New York organized by Bloomberg.

Reporting by Jonnelle Marte, Editing by Franklin Paul

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