Mark Carney, if you are so concerned about climate change risk, suggest capital requirements for banks should depend on it.

We read: Speaking at the COP21 Paris Climate Change Conference Mark Carney, FSB Chair, said “The FSB is asking the Task Force on Climate-related Financial Disclosures to make recommendations for consistent company disclosures that will help financial market participants understand their climate-related risks. Access to high quality financial information will allow market participants and policymakers to understand and better manage those risks, which are likely to grow with time.” 

Bullshit! If Mark Carney was really concerned about environmental sustainability (and about job creation for our young) he would suggest to base the capital requirements for banks on that, instead of as currently basing these on nonsensical credit risks that are anyhow cleared for by banks.

Frankly, if there is a real need for a Task Force, that should be one to determine the regulatory stupidities that distort the bank credit allocations to the real economy. Such Task Force might very well suggest getting rid of regulators like Mark Carney.

PS. As I have said before... if climate change regulation is to be handled by a task force in any way similar to the Basel Committee... then we're toast.