Bank of England Governor Mark Carney: Climate is a "$7 trillion opportunity"

Mark Carney, Governor Bank of England.

Mark Carney, Governor Bank of England. By World Economic Forum from Cologny, Switzerland – The Global Economic Outlook: Mark J. CarneyUploaded by January, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=24234760

Anyone celebrating the recent abolition of the British Department of Energy and Climate Change needs to keep a few bottles of champagne on ice. Mark Carney, the powerful green enthusiast who runs the Bank of England, Britain’s version of the Federal Reserve, has just described climate as a “$7 trillion opportunity”.

According to the Financial Post;

Climate change initiatives a $7-trillion funding opportunity for capital markets: Carney

TORONTO The trillions needed to fund global carbon reduction commitments in the coming years is a big opportunity for investors, Bank of England Governor Mark Carney said Friday in a speech to Toronto’s financial community.

Carney, formerly the Bank of Canada governor, spoke at the Toronto Region Board of Trade with Catherine McKenna, the minister of environment and climate change. He said that given the enormous funding needs for clean infrastructure — he estimated at somewhere between $5 trillion and $7 trillion a year — investment opportunities will abound.

Read more: http://business.financialpost.com/investing/climate-change-initiatives-a-7-trillion-funding-opportunity-for-capital-markets-carney

So how will companies be “encouraged” to participate in this “opportunity”?

Bank of England’s Mark Carney Seeks More Disclosure of Companies’ Climate-Related Risks

Central bank governor says there is risk to investors from catastrophic climate events that may affect insurers and reinsurers.

TORONTO—Only one-third of the world’s biggest 1,000 companies are providing enough disclosure to investors about the potential impact of carbon pricing on their businesses, Bank of England Gov. Mark Carney told a business audience in Toronto on Friday.

Policies aimed at meeting the goals of December’s international accord on greenhouse-gas emissions will lead to changes such as carbon pricing, and there is a risk that financial markets will adjust abruptly, said Mr. Carney, chairman of the Financial Stability Board, which has been asked by the Group of 20 industrialized nations to look at the issues around risk to the financial system from climate change and climate-change policy.

“The thing that keeps central bankers up at night is the sort of sudden change in risk,” Mr. Carney said to underscore the importance of disclosure in guarding against shocks to the financial system.

Mr. Carney, also responsible for regulating the U.K.’s banks and insurers, said that in addition to the lack of disclosure, there is a risk to investors from catastrophic climate events that may affect insurers and reinsurers.

Read more: http://www.wsj.com/articles/bank-of-englands-mark-carney-seeks-more-disclosure-of-companies-climate-related-risks-1468609085

Diverting $5 – $7 trillion per year to address largely imaginary climate risks probably won’t improve the lives of ordinary consumers. But I daresay Mark Carney and his banker mates would stand to make a lot of money, out of a vast surge in climate “compliance” activity which would be associated with the new regulations. Naturally I am not suggesting that green enthusiast Mark Carney is motivated by anything other than a desire to do the right thing, from his point of view.

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Patrick MJD

The Bank of England, the Bank set up to fund a war machine? The Bank, the creator of interest bearing debt ~300 years ago? The Bank that now claims this “opportunity”? I am ashamed to be British.

afonzarelli

Does the bank of england really matter anyway?

If Theresa May is serious about working for everyone not just the city fat cats, then she will follow the abolition of the climate dept with all sorts of measures such as removing all renewables subsidies, removing all requirements to favour renewables over other sources of power, removing all requirements to control and report “carbon emissions”, etc, etc. I hope she does, but I’m not holding my breath. The weenies have such a firm grip on civilisation’s jugular that it is going to take herculean effort to dislodge them.

afonzarelli

Mike, do you think that a little global cooling might solve that?

afonzarelli, short answer: no. A little global cooling would probably get the weenies out in force saying it shows that their their anti “carbon” policies work. A little more global warming won’t help, the weenies will say cutting “carbon” is even more important. A lot of global cooling, and they’ll say it’s caused by “carbon”. A lot of global warming … I don’t think I have to go into that one.
No, the best first step would be for Theresa May to say that Britain is going to stop the madness because it is ripping money out of the pockets of ordinary people in the form of high power prices and taxes to subsidise renewables, and delivering the money into the pockets of London fat cats. How much money? Well, Mark Carney at the Bank of England gives an estimate: Climate change initiatives a $7-trillion funding opportunity for capital markets.
https://wattsupwiththat.com/2016/07/16/bank-of-england-governor-mark-carney-climate-is-a-7-trillion-opportunity/
With Britain’s population around 70m, that’s £100,000 per person (woman, man and child). To bankers, that is barely loose change, and I think it would come as a shock to them to discover that there could be several people in Britain – maybe in the areas that voted for Brexit – who would find it quite inconvenient if they lost that sort of amount.
Come to think of it, maybe Theresa May could start by removing Mark Carney.

Patrick MJD

A Canadian on the kool-aid?

Robert of Ottawa

His wife is an enviro whacko and he is just following her orders. Mind you, $7 trillion would make a lot of banksters richer.

Too bad he didn’t marry someone with more realistic, useful ideas instead of an emoting individual who will never see the devastation environmentalism rains down on people. Assuming she cares…..

Of course she cares …. about the cash her website
makes from duping “green” enviro-hippie sorts, into
buying overpriced eco-crap. (it’s good for her cashflow).
http://ecoproductsthatwork.com/wp-content/uploads/2014/02/green.jpg
I especially liked that “Greenwashing” logo at her site,
as it would appear to exemplify both her and her own
interfering husband’s ethos.
Mr. Carney has NO Business making such eco-loon
speeches. He goes too far and will not be in tune with
inner workings of the New “PM’s Brain” … Nick Turnercomment image
I wonder how long Carney will last in post, but I gather
he can’t wait to get back to Canada for a last hurrah
with eco-pal Trudeau and brag that he gets paid more
than Three times as much as the hapless Canada Premier,
Carney might have been Canada PM, but shunned the
Liberal nomination, for the sort of “green” that he and his
“Fox” love best in merrie olde England instead.

Brooke

Trouble is this $7trillion “investment” “opportunity” probably isn’t going translate into “Profits” for investors. You know, Profit, that quaint concept where your earn more that your associated costs?

Patrick MJD

There are no investors, other than tax payers who reap nothing, just takers like Carney et al.

Billy Liar

$7 trillion x bankers commission of 2.5% = $175 billion for the bankers.
What’s not to like? (from the bankers point of view)

They obviously believe the taxpayers possess deep pockets.

He overstate this, but a trillion isn’t out of the question. This just means that moving climate science away from adherence to a political narrative and back towards following the principles of objective science has at least a trillion dollar upside and maybe $5-7T.

Rms

I have no doubt they want to spend this money and therefore fortunes will be made. But returns are not there so other fortunes will be lost.

spangled drongo

“Mr Carney, also responsible for regulating the U.K.’s banks and insurers,”
Ah! Head nanny has decided to keep the regs below 7 trillion!
For a possible non-problem.
How good is that?

I would’t be too concerned. He’s pronouncements are frequent and seldom followed up. He told markets to expect an iminent interest rate cut. The first thing Philip Hammond did was off to the BofE,less than three hours later it was announced no rate cut.
He is a Canadian financial expert but Brexit people stated: “we need no experts !”

Patrick MJD

I am not sure you felt the BoE pronouncements in the 80’s.

roger

Every time Carney makes pronouncements to the world, the value of the pound and FTSE indices fall.
Far from reassuring and stabilizing markets, his interventions cause alarm and negativity.
That these effects are quickly neutralized by more rational analysis by saner heads does not mean that we can tolerate such a loose cannon randomly firing sour grapeshot onto the decks of world opinion and we look to Phillip Hammond to spike him and then fire him in short order.

At first, these ideas are neutralized by rational analysis, but over time, the will dies down and the opposition grows quieter, then the ideas go mainstream before anyone realizes what’s happening.

roger

Perhaps, Reality check, my post was a little off topic in that it referred to his responses to Brexit rather than his musings amongst countrymen in Canada to which I think your post refers and with which I agree.
However, in the UK he has exacerbated negative sentiment both before and after the referendum and is now generating problems by his rhetoric rather than providing solutions.
He must go.

Sunderlandsteve

Thats because he came out strongly for the remain camp, predicting all kinds of financial armagedon if we voted to leave.
Now he’s just pi$$ed off that we ignored his advice and is trying to bring about financial woe so he can say “told you so”.

Gerry, England

I don’t think he is expert at anything apart from talking nonsense. He thought the markets would find trailing the first rise in the interest rate after the crash helpful, except that every time we approached his trigger point he moved the goal posts and in doing so missed a chance to start normalising our rate. He was part of Project Fear – which should have earned him the sack for politicising his post – and was forecasting the end of the World if voted to leave the EU. A totally overrated man.

Gerry,
could not agree with you more:-)

Rhoda R

Climate change is a golden opportunity to transfer lots and lots of money out of the hands of the middle and working class into the pockets of the politically connected rich. And it won’t solve the non-existent problem.

Catcracking

Well put!

TA

Exactly right, Rhoda. You boiled it all down into two sentences.

chris moffatt

Ah. But when ‘climate change’ doesn’t happen the fraudsters will declare a victory and withdraw – it’ll be “see! if we hadn’t acted and bankrupted the entire world except for a few bankers who now have all the money, we’d be roasting in the dark while up to our necks in freezing seas by now”. And no-one will be given a platform to disprove it.

PA

All solutions to climate change seem to have some common features:
1. Enrich the elites
2. Improverish the common man
3. Justify transfer payments to the third world
Global warming solutions seem designed to enrich the rich, eliminate the middle class, and turn the “non-elites” into serfs or dependents.

John Harmsworth

On #3 I would add that about the last thing the third world wants or needs is expensive, inefficient non-solutions instead of cheap, reliable power.

PA

Well, that isn’t the biggest problem with the transfers.
China got 61% of the carbon credits in 2007 (FT article). Carbon credits are simply a transfer of money from the west to China which makes no sense on any level.
China structures projects they are going to do anyway to collect carbon credits. They must be amazed at just how dumb westerners are.

PiperPaul

How else are “we” all going to be equal? Don’t you believe in Social Justice? Why are you a horrible person? Why won’t you roll over, accept all criticism and give up all the money that rightfully belongs to others? Here, let me help you with your wallet…

PA

“Don’t you believe in Social Justice? “
Well… when someone mentions “social justice” to me, my innate response is one of many colloquial phrases the imply a demand for them to give me gratification, or that they go find self gratification, or suggest a destination where they can join the paving crew.
There is no need to be nice when directly confronted by one of Satan’s minions.

+100000

charles nelson

This is the guy who’s about to take the Pound into negative interest rate territory…

Gamecock

A $7 trillion opportunity like breaking all windows $7 trillion opportunity.

Bloke down the pub

Insurers are like bookies, they offer odds and we place a bet with them as to whether an event will happen. These contracts are usually on short terms such as yearly. Unless Carney is suggesting a ‘Day after tomorrow’ type occurrence, the insurance companies are guaranteed to make a profit as long as they balance their book. The climate change scare is likely to increase their profits, as the punters are more likely to pay up than risk the consequences of being caught without insurance.

Krudd Gillard of the Commondebt of Australia

Good of him to pop his head up. Now, May, get rid of him!!!

nigelf

Yes, she needs to bring him up to speed when he arrives back in England.

Bruce Cobb

One “risk to investors” is simply weather. As if bad weather has never happened before, and will always happen, and as if it isn’t already factored in. FAIL. The other “risk to investors” is the very same one he and his fellow liars and thieves are pushing – carbon pricing. How convenient.

Sylvia Marten

Carney is a menace. He has his own agenda. This week he has been fear mongering through a puppet, trying to talk down the economy.
Please sack him.

7 000 000 000 000 dollars
Money which could have been used to solve real problems for real people.
United Nations should be ashamed of themselves.

firetoice2014

Corrupt kleptocracies do not know shame.

That is 1000 dollars for each of every man on earth.
This was the percentage of the population living for less than 2 dollars a day in 2008:comment image
Investors tend to like getting their investment back, this will not bring about affordable energy – that´s for sure.

Menicholas

Add in another thousand for every women and child, and you get to near 7 trillion.

Thanks – silly mistake by me.

sciguy54

SoF
That is also about $7,000 annually for each world citizen age 15-24. Imagine the education/vocation opportunities which could be funded!
But no, lets dig thousands of open pit mines and lay down thousands of miles of service roads (using oil-based binders), bury mega-tons of rebar (smelted with coal), and bury mega-tons of concrete (calcinated in kilns) and string thousands of miles of power-lines (at maybe 25% utilization rate), then erect hundreds of thousands of steel towers (smelted with coal), topped with huge plastic fans (made of petrochemicals and energy-intensive fibers), then replace it all every 20 years or so, and back it all up with coal fired (Germany, India and China) or natural-gas fired (U.S.) powerplants.
Sure, that’s the ticket.

Wereman and wifman, we’re all in it together 😉

marchesarosa

Warren Buffett says bad weather is no problem for insurers. How can it be when they simply raise the premiums? Nothing is happening with either weather or climate that is new to insurance, anyway.
Carney is another scare-monger. Having failed to stop Brexit he has returned to Green meddling which has never been anything except a money spinner for the already rich and another way for them to get their fingers into the tax-payers’ pockets. I wonder how long he will last at the Bank of England? Not long is my guess. Theresa has already shown her teeth.

“Investment opportunity” sounds a lot like “Let me hold your money.”

ole jensen
H.R.

“prayer wheels” = wind turbines
I am s-o-o-o stealing that one, ole jensen!

Walter Sobchak

eco-prayer wheels. Buddhist prayer wheels are far more useful and far less destructive.

Krudd Gillard of the Commondebt of Australia

Back again, how can spending 7 trillion whatevers on a non-problem be good? Sounds like spending 7 trillion on digging a hole and then filling it up again. Nothing of value is added. They don’t seem to get that.

Andrew

What a dangerous loon. That’s getting up towards 10% of global GDP. Every year. Why would anyone bother? Just put up with the heat. Or start terraforming – put out heaps of aerosols, they seems to prevent every (modelled) consequence of CAGW for zero or negative net cost.

Robert of Ottawa

Wouldn’t it be cheaper to simply write realistic climate models. Of course, we would have to study how the climate works for a few thousand years before we could do that.

Chris Riley

Perfect.description

bernie1815

Just a form of the broken window fallacy – except that the replacement window is less transparent, leaks both water and heat and will fail in half the time of the old window.

DonM

Well, there ya go. Future investment opportunity as well.

John Harmsworth

And…..it isn’t broken!

DredNicolson

They’d design the windows to automatically break a year to the day of installation, if they could get away with it. Nothing guarantees repeat sales like a built-in expiration date on your product.

Resourceguy

He’s drunk with power and fiat money.

Latitude

This bit of green news…is actually bigger than Britain’s
Germany has led the greed cause…nuking nukes, solar, wind
It’s the first time I’ve even seen anyone admit that green power is damaging the grid.
…and I’m surprised it’s not all over the internet and news
Germany Votes To Abandon Most Green Energy Subsidies
Germany’s government plans to replace most of the subsidies for local green energy with a system of competitive auctions where the cheapest electricity wins.
Germany’s wind and solar power systems have provided too much power at unpredictable times, which damaged the power grid and made the system vulnerable to blackouts.
http://dailycaller.com/2016/07/10/germany-votes-to-abandon-most-green-energy-subsidies/#ixzz4EPHQGAW1

David Smith

And the slow climb-down begins. It’s also happenning in the UK with May getting rid of the DECC.
I think we all hoped for Mann, Hansen, Greenpeace, etc to be held up for ridicule and financial retribution in an international court, but it’s unfortunately not going to happen.
It’ll just slowly fizzle out as all governmental support for CAGW begins to dry up. Consequently, the commercial sector will drop it like a hot coal as there’s no money to be made without govt subsidies (despite what that plonker Carney says).
Al Gore will dissapear into the background to count his cash, the radical left will find a new anti-human cause to hang their hat on, whilst Mann and his gang will be left ranting hopelessly on warmist blogs such as Sk4p Sc1 and Hot Wh0ppa.
What do we do? Relax? Laugh? Celebrate? Tweet Joe Romm to wind him up? I don’t know.

Leo Smith

Yes. I always said climate change was too big to crash, but it will fizzle.
People will as time goes by simply forget it was ever an issue as grants slowly reduce and the public gets bored. And it doesn’t get warmer.
There were always three prongs to the trident.
The public support for economic suicide in the name of ‘saving the planet’ That’s gone.
Academic support to saving the planet. That depends entirely on grants being available: starve the grants and it will wither. And because its no longer an election winning stance, grants will wither.
Big business and the eco-capitalists.
And that’s where Carney is still banging the drum, BUT that opportunity depends on government grants or at least favourable legislation, and that’s under pressure from people who have other priorities.

Bruce Cobb

This “investment opportunity” makes Bernie Madoff look like a petty thief.

Juan Slayton

Bruce, it should be easy to make a small fortune in the climate sector. Just start with a large fortune. : > )

7 trillions dollars per year divided by 7 billion people on earth is $1000 per year out of an average global GDP of about $14,000, equals about 7% per year.
So what is being talked about is diverting 7% of the total output of every man woman and child on earth into funding climate change.
Talk about unsustainable. Governments have been brought down for much, much less. You cannot transfer this much money annually without consequences. The Law of Unintended Consequences guarantees that whatever happens will not save the earth from climate change.

My economic interest for some days has been generally central banks negative interest rates – and this idiot is blathering about investing in a Ponzi scam. Has any individual ever bragged on his profit from his alternative power source?

ralfellis

He seems to forget that the UK does not make any of this infrastructure, be it wind turbines or solar arrays. Thus as far as the UK is concerned, this is simply an opportunity to send our money abroad, and fund the pleasent lives of workers in Denmark, Germany and China.
R

co2islife

Show me a bank that has turned a profit funding non-subsidized “green” projects. What a joke. Real “opportunities” don’t require government subsidies.

John Harmsworth

Investing in subsidized industries is a good way to go broke. When the lying b@$7@&d politicians pull the subsidies to move on to their next goofy idea, your goofy idea becomes an orphan.

Roy Jones

It will be very profitable for Goldman Sachs. What else matters?

PaulH

Terence Corcoran has a good take-down of the Carney idea:
“Hail to the Alarmist-in-Chief: The world turns to Mark Carney for climate change salvation”
http://business.financialpost.com/fp-comment/hail-to-the-alarmist-in-chief-the-world-turns-to-mark-carney-for-climate-change-salvation
“As the world turns through the current economic and political crises, it is hard to imagine that the top agenda item will be preparing corporations to disclose their plans for time horizons that stretch to 2030 and 2050.”

I think May will sack him in a few months time, once the BREXIT negotiations are underway. She does not want too many changes. Lets allow the new senior politicians to settle down first.

Mark from the Midwest

Yes, the top agenda item is maintaining the appropriate exchange value of the pound to insure British interests, if he wavers, even a bit, it’s cause for dismissal. I don’t see that he has the intellectual discipline to maintain that focus, he was always a politician more than a banker.

Old'un

Yup, he doesn’t know when to keep his mouth shut.
He made a good intervention on the day after the Brexit vote that helped to calm markets but couldn’t resist saying more this week, irresponsibly forecasting an imminent cut in interest rates that didn’t come at Thursday’s meeting of the Bank’s monetary policy committee. His obsession with forward guidance that has been consistently wrong has made him look a fool in the eyes of the Market.
He may well have to go.

John Harmsworth

His claim to fame was that Canada skated through the financial crisis without much trouble. That had little to do with him. We had a good banking regulatory system long before him and the country was in decent fiscal shape. He is just a good communicator.
In all truth, central banker has to be about the easiest job in the world. That makes it a miracle that Greenspan screwed up his turn completely.

ScienceABC123

Translation: “I’ve figured out how to make killing through ‘climate change’. So yes, I’m all for ‘climate change’.”

Y’ just gotta love the “consistency” of the greenies. The lefty feds in Canada, supported by the lefty provinces, among the more notable being Ontario, are green gung-ho. In Ontario the provincial Ministry of the Environment, or MOE, in a previous life has now been reincarnated as the Ministry of the Environment and Climate Change (MOECC). There now I feel “all better”.
Landfills are supposed to generate greenhouse gases, a real nasty according to the “experts” (e.g. Dr. Al Gore). Nevertheless the erudite ministry, MOECC, is ready to grant a license to a Toronto-Ottawa consortium to go ahead with a landfill. That is despite having been shown evidence, in writing, that the consultants to the company referenced a peer-reviewed, published scientific paper that suggested the presence of geologically young faulting within 3 miles of the site, but did not discuss the contents of the paper at all. The consultants defended their, as it turns out, deliberate omission by declaring the relevant contents of the paper to be so error-riddled as to be untenable (now that is a “great” reason for leaving a scientific paper out of a report to support a site). The author of the paper advised the climate-change-concerned ministry what the consultants could do to prove him wrong. However, the bureaucrats who want to protect the world from greenhouse gases, which would be a boon to Mark Carney and others. I am so “confused”

WelshFarmer

The ecosphere is suffering a major crisis because of our unbridled greed, and this guy is STILL thinking in terms of how much money can be made !! ?
Nothing will be solved until he and his ilk disappear into the mists of history.

Mark - Helsinki

Given the reports of investor confidence plummeting in some countries like the UK for example, reported in May 2016
This is nothing but a “hey investors look there will be much $$ to be had”. Carney is injecting confidence into the renewable markets. sc4m

Mark - Helsinki

It’s also a choice quote for rebutting “money in climate denial” argument 😀

With climate change, its rent seekers (and zealots) all the way down.

The main problem here is “Sheeple”!! As long as “Sheeple” run around with their heads up the lower end of their alimentary canal, stuff like this will continue but for now, they’re way too concerned with who won “Dancing With The Stars” last week! /rolleyes

Harold

The Bank of England is a leftover from the failed great British Communist era immediately after WW2. It is another failed soviet-style institution. It should be closed down, or at least, completely privatized. Printing the currency can be left to other private banks. May be a private, for profit, organization could improve the value of a British Pound from its present approx. three thousandths of a pound to nearer its original pound of silver ?

Mark - Helsinki

Bank of England is only a building mate, the money is borrowed from private banks

M E Emberson

“Established in 1694, it is the second oldest central bank in the world, after the Sveriges Riksbank, and the world’s 8th oldest bank. It was established to act as the English Government’s banker and is still the banker for the Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until nationalised in 1946′.. from wikipedia. I used to live in the next street so I’m interested i n the history of the City of London.

Mark - Helsinki

Same with the federal reserve

ralfellis

Errr, the Bank of England was created by William of Orange, king of England, back in the 17th century. And it was based upon Dutch fractional banking models, which came from the J e w s. The name for a bank comes from the Dutch banc, meaning bench, a table upon which the financial transactions took place.
And yes, the modern Bank of England can create money from nothing, and has done so routinely during this ‘quantitive easing’ business.
In fact, every note the Bank of England prints is invented fiat money, and it says so on each note. At the top it says ‘I promise to pay the sum of…..’. So giving a £20 note to someone is NOT a payment of money, it is merely a promise to pay in the future. Which is why all bank notes are called ‘promissory notes’, because they are simply IOUs – a promise to pay in the future (with something real like products, services or land).
No fiat money is real, it is all imaginary.
Ralph

Mark - Helsinki

Bankers who own the majority of the English bonds can determine the price and supply of English currency.
The creation of money from nothing follows this fact, not disputes it. It’s not Carney who decides how much currency there is I guarantee you! It’s the bankers behind him. Who do you think controls interest and inflation, Bank of England? :D, nope, the banks behind it, same as the fed, cartel of private banks. Theft on a massive scale
Was it not created in 1694 William Paterson who famously said: “The bank hath benefit of interest on all moneys which it creates out of nothing.

Patrick MJD

That’s what it says on every note. Promise to pay the bearer.

M E Emberson

I was alive then. It wasn’t communist!

Pamela Gray

Preparing for catastrophe at the peak of an interglacial period? Which is just a pause between the long periods of diving into a glacial and coming out of one. The world cannot see past its nose.

John Harmsworth

7 trillion in 5’s could keep me warm til the next interglacial!

Legalized extortion from the masses. This garbage is yet another fine example of the desperately wicked human mind. Some days I am ashamed to be a human.

Coach Springer

Invest in snake oil. The government will guarantee the cause of snake oil and may even give you a lot of money. And it will be economic activity.
Other than the snake oil part, what could go wrong?

rogerknights

I suspect that talk was partly or mainly ghosted for him by a green organization. I suspect other bigshots’ speeches–like the one from the world bank a year or two ago–were also.
It sounds quaintly dated–they were talking about investment opportunities this way five or ten years ago, before reality began to impinge.

John Harmsworth

He’s prepping his next career move. Our environment minister is an idiot so Carney flies over to lend her some credibility. When the Brits decide they don’t want a communicator as central banker, he can come home and run for parliament as a Liberal.

commieBob

Carney got lucky in 2008. That made some people think he was some kind of genius.

John Harmsworth

+7 trillion

Roger

Carney is a placement by Osborne. He should be replaced immediately.

William Astley

Carney is repeating the left wing rhetoric which is completely removed from reality.
The Liberals have a childish belief in the Aunty Mime principle (Aunty Mime from the Wizard of Oz). The Aunty Mime principle is if you repeat the same idiotic rhetoric enough times (In the Wizard of Oz, three times is sufficient) it (your Rhetoric) becomes true (in your mind and in the mind of your Zombie followers).
P.S. Liberals get elected by promising to spend more and more money which we do not have on new and creative programs which require a larger and larger bureaucracy to manage. Admitting that there is no more money to spend would require a change to zero base budgeting (zero base budgeting is what companies and homeowner must do when they reach the limit of borrowing to avoid bankruptcy.) which requires cuts or elimination of existing programs to create money for new and novel programs.
Climate Change Unspoken Fundamentals:
1. We have reached the end of the age of uncontrolled borrowing. The upcoming fiscal crisis will begin with a collapse of banks, multinational companies, followed by a collapse of the most indebted countries which is the unintentional consequences of negative and ultra low interest rates.
To spend more money on green scams that do not work to address CAGW which does not exist will require spending less money on Education, Health care, Infrastructure, Defense, and so on.
Interest rates will start to rise when it becomes obvious that countries will try to print their way out of the age of debt crisis.
The following is the economic case for the US. The total US accumulated debt is 104% of GDP. (Japanese is the winner in borrowing and now has an accumulate deficit of 250% of GDP.) 70% is considered the maximum that a country can carry. If US unfunded future liabilities are included the US accumulated debt increases to 250% of GDP.
https://fred.stlouisfed.org/graph/fredgraph.pdf?hires=1&type=application/pdf&chart_type=line&recession_bars=on&log_scales=&bgcolor=%23e1e9f0&graph_bgcolor=%23ffffff&fo=Open+Sans&ts=12&tts=12&txtcolor=%23444444&show_legend=yes&show_axis_titles=yes&drp=0&cosd=1966-01-01&coed=2016-01-01&height=450&stacking=&range=&mode=fred&id=GFDEGDQ188S&transformation=lin&nd=&ost=-99999&oet=99999&lsv=&lev=&mma=0&fml=a&fgst=lin&fgsnd=2009-06-01&fq=Quarterly&fam=avg&vintage_date=&revision_date=&line_color=%234572a7&line_style=solid&lw=2&scale=left&mark_type=none&mw=2&width=1168
https://docs.google.com/spreadsheets/d/1FSeCe-s7rXcVZPo6_QDsPHHzmN3Oi12Rn8fo3HShlqM/pubchart?oid=689223942&format=image
US payment on interest component of debt if interest rates rise. Interest rates now are at the lowest levels in centuries. The sudden increase in the price of gold is what happens when there is a currency crisis which occurs when it becomes obvious that the Ponzi scheme is not sustainable.
https://docs.google.com/spreadsheets/d/1FSeCe-s7rXcVZPo6_QDsPHHzmN3Oi12Rn8fo3HShlqM/pubchart?oid=148131747&format=image

John Harmsworth

I believe this is true. The collapse is very close now and it will make the last financial crisis look like a picnic in the park. Climate change will be what all the Greens and government climate scientists reminisce about in the soup line. The central bankers will somehow get the job of watering down and serving the soup! If he says anything to me about “great opportunities”, so help me….

Walter Sobchak

“He said that given the enormous funding needs for clean infrastructure — he estimated at somewhere between $5 trillion and $7 trillion a year”
Odor of rat.
In the US, annual real Gross Private Domestic Investment ($ 2009) is about 2.8 T$.
https://fred.stlouisfed.org/series/GPDIC1
The US GDP in 200$ is ~16.5 T$.
https://fred.stlouisfed.org/series/GDPC1
“The 2013 nominal GWP was ~76 T$
https://en.wikipedia.org/wiki/Gross_world_product
The quoted figure of 5 to 7 T$ yearly is between a third and a half of annual world investment. It would clearly cripple the global economy.
Further. The worlds total electric generating capacity is on the order of 6,000 GW. Taking a new 1 GW nuclear plant at 10 G$*, the entire capacity could be built for a mere 60 T$.
I can only assume that Mr. Carney pull his numbers out of the same place he pull his excrement.
*That is way high Vogtile 3 & 4, are a mere 5 T$ together.

John Harmsworth

I believe global GDP is over 70T

Walter Sobchak

Global GDP = GWP = ~76 T$
Note: Investment can only be a fraction of that. Folks got to eat.

Catcracking

“TORONTO—Only one-third of the world’s biggest 1,000 companies are providing enough disclosure to investors about the potential impact of carbon pricing on their businesses, Bank of England Gov. Mark Carney told a business audience in Toronto on Friday.”
“Disclosure”? Sounds like he is supporting the prosecutions proposed by the Attorneys General which are in part based on lack of disclosure.
Also maybe he should also be pushing for honest disclosure from the bankers and the CAGW advocates who refuse to release important data regarding their baseless claims.
He sounds like the Al Gore of UK as the bankers are salivating to get their cut of the cost of energy usage which will be paid for by the the workers, business, and other common folk, who need energy to maintain their well being.
Another layer of cost (like a tax) to be added to an important “commodity”

A $ 7 Trillion global tax – for who to spend? Pure Socialism for the climate change folks have been wrong for 40+ years – They are purely political and want power over all people.

dp

I think this will be an important path for the rich get richer without actually creating new wealth. This happens when governments take more from the taxpayers than is necessary to do the honest work for the people. Slush fund I believe, is the common name.

Agreed that most first world government have limited access to raw materials and tightened air and water standards to the point that valued added manufacturing must occur in 3rd world nations. So, no new wealth is created by production only services, high tech and food.

John Harmsworth

“Limited access to raw materials”? The Chinese import most of the materials they process. They use technology they steal from us to build things. Then they lend us money that we paid them so we can buy more. Then they use the leverage the debt provides to dictate to us. All because we don’t have the guts to give up our cheap toys.

markl

Another useful idiot.