Banks Fear Risk of Investment in Fossil Fuels

In a move that’s likely to cause consternation in some of the world’s most powerful corporate boardrooms, the Bank of England has disclosed that it is launching an inquiry into the risks fossil fuel companies pose to overall financial stability.

Mark Carney, governor of the UK’s central bank, has written to British Members of Parliament telling them that his officials have been discussing whether or not coal, oil and gas reserves held by the fossil fuel industry are, in fact, unburnable.

“In light of these discussions, we will be deepening and widening our inquiry into the topic,” Carney says.

The burning of fossil fuels releases hundreds of thousands of tons of climate-changing greenhouse gases into the atmosphere.

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