A group containing some of the UK's most influential green business leaders and campaigners has written to Bank of England governor Mervyn King, calling on him to address the "systemic" risk to financial systems presented by the potential over-valuation of high carbon companies. The open letter is signed by 20 leading green investors and campaigners, including Paul Abberley, chief executive of Aviva Investors London, James Cameron, founder and vice-chairman of Climate Change Capital, Solarcentury chairman Jeremy Leggett, former chief scientist Sir David King, and Conservative MP Zac Goldsmith, as well as the directors of Greenpeace, WWF, the Green Alliance, and the Climate Group. It argues that in his new role as the chair of the recently created Financial Policy Committee (FPC) King has been tasked with "identifying, monitoring and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system" and, as such, the committee should "investigate how the UK's exposure to high carbon investments might pose a systemic risk to our financial system".
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