‘Businesses that fail to adapt to climate change will without question go bankrupt.’ This is the chilling warning that came from Bank of England Governor, Mark Carney.
It gives a firm warning as to the rising issue of climate change, and puts his commercial spin on why everyone, including businesses, must now act on this epidemic.
Whilst a failure to act could see businesses become insolvent, he also claimed there will be ‘great fortunes’ made through this process along the way, for those who embrace it and support it.
This comes as a greater degree of importance is being attributed to tackling climate change as businesses look to make an impact. He also added, when speaking recently, that ‘capitalism is very much part of the solution to tackling the climate crisis, and part of what we need to do’.
This could help to ensure that businesses comply with restrictions, for example – many signing up to the recent 1.5°C climate goal.
Carney also added that, ‘the costs of ignoring climate change were rising’ but insisted the opportunities of ‘doing something about it’ were also increasing. Also, adding money would shift in this direction.
It is clear that change has started, and there is now £99 trillion of capital behind the framework that’s pushing companies into managing these rising risks. The system needs to be the solution with managing the risks around climate change. This involves adjusting from where it is today, to where it needs to be tomorrow.
“Companies that don’t adapt, including companies in the financial system, will go bankrupt, without question. But also, there will be great fortunes made along this path aligned with what society wants”. This is a statement from the Economist. They also added that ‘it was a mistake to believe the use of fossil fuels will not be significantly reduced’. This is little surprise as technology continues to evolve and more and more is being done in the battle against climate change.
Utility Trade Group are proud to help businesses in their quest to support the climate change initiative. We can work with you during the transition phase, advising you accordingly throughout your energy efficiency journey. Get in touch today, to find out more.
