Mark Carney tells global banks they cannot ignore climate change dangers

Financial sector warned it risks losses from extreme weather and its stakes in polluting firms

The global financial system faces an existential threat from climate change and must take urgent steps to reform, the governors of the Bank of England and France's central bank have warned, writing in the Guardian.

In an article published in the Guardian on Wednesday aimed at the international financial community, Mark Carney, the Bank's governor, and Franiois Villeroy de Galhau, the governor of the Banque de France, said financial regulators, banks and insurers around the world had to "raise the bar" to avoid catastrophe.