Central banks are usually tasked with keeping inflation in check, while promoting economic growth and employment. Now, add fighting the climate crisis to the list.
Do not defund the BBC
Feb 28,2021 - Last updated at Feb 28,2021
LONDON In last year’s Reith Lectures, the BBC’s annual radio series, former Bank of England Governor Mark Carney observes that, since the 2008 financial crisis, norms and institutions have increasingly been defined by their monetary value. What is often missing from this discussion of price, is how to capture the real worth of the public institutions that enrich us.
It is fitting that Carney makes this point on a BBC programme. After all, the BBC was the first public broadcaster to incorporate the notion of “public value” into its governance framework. The British Broadcasting Company has become, alongside the National Health Service and The Open University, one of the United Kingdom’s most beloved, globally renowned institutions, reaching an audience of around 460 million each week.
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AXA, Other Mega-Investors Seek to Avoid Portfolios with Global Warming Potential
All good money managers expect to outperform their benchmark, and by one such metric the French insurer and investor AXA SA recently scored a market-beating success. Not by delivering higher returns, but by generating a lower level of global warming.
If human activity is driving carbon emissions and temperatures to dangerous highs, then a giant asset owner like AXA with a 650 billion-euro ($790 billion) horde of stocks, corporate bonds and sovereign debt is one of the principal proprietors of climate change. In theory, that means every investment portfolio can be evaluated for the “warming potential” of its underlying assets.