Warnings within the world of high finance are coming thick and fast that the increasingly urgent need to combat climate change means investors could lose heavily by sinking funds into coal, oil and gas.
Like most central bank governors, Mark Carney, the Governor of the Bank of England, chooses his words carefully.
So the financial community – and government policy makers − sat up and took notice earlier this month when Carney, addressing a World Bank seminar on corporate reporting standards, said he was concerned about investments in fossil fuels.
“The vast majority of reserves are unburnable,” Carney said.
He warned companies, investors and policy makers that they need to avoid what he described as the “tragedy of horizons”, and to look further ahead to meet challenges such as climate change.
Investors are being repeatedly told that money sunk into fossil fuels is not only bad for the climate, but is also potentially seriously dangerous to financial health.