(Photo: Shutterstock)
With fires raging in Australia and floods ravaging Indonesia, Mark Carney, outgoing governor of the Bank of England, warned that pension funds too could be in a world of hurt if they end up holding the bag on fossil fuel assets.
The Guardian reports that Carney warned pension funds, along with other investors, that they could be on the hook for massive losses as fossil fuel investments become "worthless," with global emissions reduction targets biting into the worth of fossil fuel companies and their assets—particularly as renewables eat into fossil fuels' market share.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
