Former top financial regulator warns of climate change threats

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Lord Turner warns of need
for valuations review.

ord Turner, formerly Britain’s top financial regulator, has become the latest finance sector grandee to warn that investment industry valuations are in need of urgent review in the face of the threat posed by climate change.

The former chairman of the Financial Services Authority (FSA) warned of “a major set of problems … in the relationship between finance and the real economy”. He said national economies, banks and businesses were effectively being encouraged to prioritise short-term returns and “do nothing about climate change whatsoever”.

Turner is regarded as uniquely placed to assess the long-term investment industry’s readiness for climate change threats having largely authored the UK pension reforms a decade ago and served as the first chairman of the influential quango, the Committee on Climate Change.

Read The Guardian story - “Former FSA chief warns of carbon bubble threat from climate change”.