Many countries have now declared a climate emergency, and we now need action on the ground to realize the aspirational goal of keeping warming below 1.5 degrees. The financial costs of inaction are now evident—insured losses in 2019 were $80 billion, double the inflation-adjusted average for the past 30 years. And in low-and middle-income countries, the costs are even greater and borne by the uninsured. But a new, sustainable financial system is under construction.
Spurred on by the Group of Twenty economies and established by the private sector, the "Task Force on Climate-related Financial Disclosures is a comprehensive, practical and flexible framework for corporate disclosure of climate-related risks and opportunities". Read Mark Carney’s analysis and recommendations for further information about the required new system of transparency and risk disclosure. Mr Carney the former head of the Bank of Canada and more recently England has just been named as the UN’s special envoy on climate action and climate finance.