Lord Stern: Banks Have Role In Low Carbon Economy

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Assisting the transition to a low carbon economy could help banks recover their status and profits, according to a climate change expert.

Lord Stern, who first placed climate change in an economic setting with a report in 2006, said that financial institutions would be essential to building a low-carbon infrastructure, reports the Times.

“Banking could do very well as Britain moves to a low carbon economy,” the newspaper quotes him as saying at the World Economic Forum in Davos.

“There will be lots of business opportunities and Britain’s bankers are particularly strong in this area. They have been very creative over all kinds of issues and they could do it again in the financing of green initiatives.”

One man who was ideally placed to make the connections between the financial world and combating climate change has been forced to focus exclusively on the economy.

Lord Turner of Ecchinswell, who was the chairman of the Climate Change Committee and the Financial Services Authority has told the Times that tackling both issues is too much in the current economic climate and that he will be focusing on revising financial regulation.