Climate change is real: How it is becoming a nightmare for central banks

Climate change was a warning shot that took time to echo in policy-making corridors

Bank of England Governor Mark Carney was in no mood for laughter as he stood in his tuxedo before the great and good of the British insurance industry.

“I’m going to give you a speech without a joke, I’m afraid,” Carney began his remarks on the night of Sept. 29, 2015, at Lloyd’s of London. “So charge your glasses and prepare yourself because I’m going to talk about a serious subject.”

Not Brexit, which Britons were still nine months from voting for. Instead Carney put investors and insurers on notice that they risked underestimating the “huge” threat climate change posed