Climate For Change At The Bank Of England?

It is a demonstrable scientific fact that the climate of planet earth changes. Geological, fossil and isotopic records prove that climate has oscillated from tropical periods to ice ages. These events are marked with timescales of many thousands of years. It is also undoubtedly true that mankind has changed many ecosystems on the planet – the virtual deforestation of Europe is just one of many examples that can easily be cited. However, the idea that anthropogenic activities over a timescale of just a few decades can significantly alter climate (in a blissfully unspecified manner, of course) must remain contentious – not least because the supposed main culprit, carbon dioxide, is heavier than air (and so sinks out of the air column) and dissolves readily in water to form carbonic acid (the fizzy, sour taste in carbonated drinks or soda water).

It is an undisputable fact that the “climate industry” globally is worth billions of Dollars; just consider subsidised wind farms, photovoltaic farms, biofuels (slightly different issue), estuarine and tidal projects, high efficiency (usually low luminosity) light bulbs and, of course, the market in carbon futures trading to name but a few. A cynic could be forgiven for being able to spot a few vested interests in a linkage between climate and man’s activities, but this piece could be in danger of going wildly off-track…

Mark Carney, Governor of the Bank of England has weighed into the anthropogenic climate change debate. Speaking to a meeting of insurance companies at Lloyds of London, Mr Carney pointed out that changing climate could lead to an increase of weather-related disasters (e.g. typhoons, hurricanes, flooding etc.) resulting in significant financial losses for insurers. Obviously, in a Doomsday frame of mind, the Governor warned that current climate problems could "pale in significance compared with what might come" – you can’t really argue with that, but then again, they may not. Mr Carney was arguing that anthropogenic climate change posed a “huge risk” to global stability in the longer term.

"The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security," he noted. He also cautioned that because of the long-term (potential) nature of the threat that dealing with it could be deferred to future generations, but cautioned: "In other words, once climate change becomes a defining issue for financial stability, it may already be too late." Of course, we are intending to leave our huge public debt to our descendants, in any case.

Dr. Mike Campbell
Dr. Mike Campbell is a British scientist and freelance writer. Mike got his doctorate in Ghent, Belgium and has worked in Belgium, France, Monaco and Austria since leaving the UK. As a writer, he specialises in business, science, medicine and environmental subjects.