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IEA and Bank of England discuss orderly energy transition

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Hydrocarbon Engineering,

Fatih Birol, the Executive Director of the International Energy Agency, met on 4 November with Mark Carney, Governor of the Bank of England, to review global energy trends and share views about an orderly energy transition to a low carbon economy.

IEA and Bank of England discuss orderly energy transition

Birol highlighted how the IEA can contribute to the discussion on financial risks due to climate change, and agreed to continue its cooperation on on the topic.

In addition to his role at the Bank of England, Carney is the head of the Financial Stability Board, an international body that monitors the global financial system. Last year, the FSB set up the Task Force on Climate-Related Financial Disclosures after the G20 asked it to examine risks related to climate change.

“I am delighted by my meeting with Carney and the IEA will continue its cooperation with the Financial Stability Board to further our understanding on how to manage this transformation of our energy systems and minimise risks through a predictable energy transition,” Birol said.

With clear momentum behind the energy transition, businesses and financial institutions must start to align their strategies with a low carbon future. This requires a recognition that investments and assets can come under threat both from increasingly violent weather events but can also be affected by government policies that seek to regulate greenhouse gas emissions.

Through its analysis of energy trends and markets, the IEA’s work can help governments, regulators, and corporations ensure a smooth, predictable, and economically sustainable transition to the low carbon economy.

This year’s edition of the IEA’s World Energy Outlook, to be published on 16 November, will review the impact of government pledges to reduce carbon emissions, and will provide an analysis of the implications on the energy sector of limiting the rise of average global temperatures to 2°C. It will also provide a pathway to limiting temperatures from rising more than 1.5°C.

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