Companies which fail to adapt "will go bankrupt without question," the Governor of the Bank of England said in an interview urging the City to put its weight behind environmentally sustainable issues. "Capitalism is part of the solution and part of what we need to do," he claimed. "The capitalist system needs to do is to manage the risks around climate change, be ready for the different speeds of the adjustment. And then the most important thing is to move capital from where it is today to where it needs to be tomorrow. The system is very much part of the solution."

Mark Carney, Governor of the Bank of England

Results from a study "showed that people with higher wealth were more responsive to financial arguments than moral ones. Prioritising returns is on the one hand what you’d expect from investors in general; at the same time, it’s not what you’d expect if participation in sustainable finance were driven by a charitable impulse."

Source: FT Alphaville