|The Prince of Wales weighed in on the Carbon Bubble yesterday in a video address to leading figures from international finance in London, just weeks before the Paris climate talks begin.
Prince Charles said that climate change is an increasing source of risk to the finance community. He said that business leaders should divest from a fossil fuel industry increasingly on the skids:
There are therefore two factors to consider: firstly, whether to divest from sectors, especially those directly involved in fossil fuels, which will be severely impacted by any agreement to limit global temperatures to a two-degree rise. Secondly, whether to invest in sectors which support the low carbon economy and are therefore better positioned in terms of risk and opportunities.
Some investors, such as philanthropic trusts and foundations, will also have to consider whether continuing to invest in high carbon assets represents a significant conflict to their overall mission and objectives.