Bank Of England Tells Banks to Brace For Sky-High Carbon Price

The Bank of England told banks and businesses to start assessing the risks they face from climate change immediately, and brace to pay much more for polluting.

The regulator’s warning to businesses is a clear sign that the bank sees the price of carbon as a risk to companies as the world seeks to eliminate greenhouse gas pollution by 2050 in order to prevent catastrophic climate change. That puts pressure on executives to assess those risks and disclose them to investors or even to upend business models to adapt.