WRITTEN BY PATRICK MULHOLLAND ON MAY 27, 2022. POSTED IN LATEST NEWS
Bank Of England Told To Ditch Green Obsession As Prices Surge
bank of englandThe Bank of England has been urged to “focus on the basics of monetary economics” instead of climate change after warning that the City is at risk of more than £340bn of losses from global warming.
Threadneedle Street came under fire from economists and MPs for saying that banks must rapidly stop funding fossil fuel projects to prevent economic disaster and a jump in millions of consumers’ insurance and mortgage costs. [bold, links added]
The warning, made as part of a long-planned report on climate change, came on the same day as regulators said that household energy bills are likely to rise by another £800 in October.
https://climatechangedispatch.com/bank-of-england-told-to-ditch-green-obsession-as-prices-surge/
