Carney warns of risks from climate change 'tragedy of the horizon'

Bank of England governor tells Lloyd's insurers that 'challenges currently posed by climate change pale in significance compared with what might come'

Mark Carney, the governor of the Bank of England, has warned that climate change will lead to financial crises and falling living standards unless the world's leading countries do more to ensure that their companies come clean about their current and future carbon emissions.

In a speech to the insurance market Lloyd's of London on Tuesday, Carney said insurers were heavily exposed to climate change risks and that time was running out to deal with global warming.